We are revising our assessment of the strategic relationship between Tucson Electric Power Co. (TEP) and parent Fortis Inc. to core from moderately strategic. As a result, we are raising our issuer credit rating and senior unsecured debt rating on TEP to 'A-' from 'BBB+'. The outlook is stable. The stable rating outlook is based on consolidated Fortis' financial measures, which we expect will reflect funds from operations (FFO) to debt of about 10.5%. On April 3, 2017, S&P Global Ratings raised its issuer credit rating on Tucson Electric Power Co. (TEP) to 'A-' from 'BBB+'. The outlook is stable. We also raised the rating on TEP's senior unsecured debt to 'A-' from 'BBB+'. The rating action follows our reassessment
