The 'BB' corporate credit rating on Tucson Electric Power Co. (TEP) reflects the consolidated creditworthiness of UniSource Energy Corp. (UniSource), which is not rated by Standard&Poor's Ratings Services and incorporates UniSource's other holdings, which principally include UNS Electric and UNS Gas, two electric and gas distribution companies that serve portions of northern and southeastern Arizona (these companies are owned by UniSource through an intermediate holding company, UniSource Energy Services Inc.). Both the consolidated business profile and TEP's standalone business risk profile are rated a satisfactory '6' on Standard&Poor's 10-point scale; business profiles are categorized from '1' (excellent) to '10' (vulnerable) and consider the consolidated operations of UniSource and TEP. The business profile reflects TEP's favorable coal
