On Aug. 12, 2003, Standard&Poor's Ratings Services affirmed its ratings on Tucson Electric Power Co. and removed them from CreditWatch with negative implications. They were placed on CreditWatch Nov. 8, 2002, reflecting parent UniSource Energy Corp.'s announcement of an agreement to purchase the Arizona electric and gas transmission and distribution assets from Citizens Communications Co. The outlook is stable. The Aug. 11, 2003, acquisition of these relatively low-risk, widely scattered regulated assets for $220 million, well below the book value of about $425 million, bolsters the consolidated business profile of the UniSource Energy family of companies, and does so with a financing package that marginally improves the overall financial condition of UniSource Energy. These assets are subject to
