SAN FRANCISCO (Standard&Poor's) Aug. 25, 2006--Standard&Poor's Ratings Services today assigned its 'BBB-' rating and a recovery rating of '1' to Tucson Electric Power Co.'s (TEP; BB/Stable/B-2) $491 million senior secured facility, due August 2011. The outlook is stable. "The rating is two notches above TEP's 'BB' corporate credit rating and, along with the '1' recovery rating, reflects a high expectation of full recovery of principal in the event of a default," Standard&Poor's credit analyst Anne Selting said. "Certain revisions to the facility will not become effective until approval is given by the Arizona Corporation Commission. A ruling is expected this fall. The rating action follows the Aug. 11 amendment and restatement of TEP's $401
