NEW YORK (Standard&Poor's CreditWire) Jan. 4, 2000--Standard&Poor's today raised its ratings of Tucson Electric Power Co., a Unisource Energy Corp. unit (see list below). In addition, Standard&Poor's today assigned its double-'B' bank loan rating to Tucson Electric's outstanding $441 million credit agreement, which consists of a $100 million revolving credit facility and $341 million letter of credit facility. The credit agreement is secured by a second mortgage lien and matures on Dec. 30, 2002. The credit agreement initially had a debt balance of $544 million. The outlook is stable. The upgrade reflects the recently approved restructuring settlement by the Arizona Corporation Commission that will provide the utility with the opportunity for full stranded-cost recovery
