Tucson Electric Power Co.'s (TEP) rising near-term debt maturities have resulted in a modest weakening of its liquidity position. We are revising our assessment of TEP's liquidity downward to adequate from strong. We are affirming our ratings on TEP, including the 'A-' issuer credit rating and 'A-' rating on its senior unsecured debt. The outlook is stable. The stable rating outlook is based on parent Fortis Inc.'s consolidated financial measures, which we expect will reflect funds from operations (FFO) to debt of about 10.5%-11%. On July 24, 2017, S&P Global Ratings affirmed its 'A-' issuer credit rating on Tucson Electric Power Co. (TEP) and 'A-' rating on its senior unsecured debt. The outlook remains stable. Our revised liquidity assessment reflects
