NY -- Standard&Poor's CreditWire 7/22/97 -- Standard&Poor's today has raised its corporate credit rating of Tucson Electric Power Co. to double-'B'-minus from single-'B'-plus. The rating on the company's senior secured debt also has been raised to double-'B'-minus from single-'B'-plus and the rating on its senior unsecured debt has been raised to single-'B' from single-'B'-minus. The outlook remains positive. At March 31, 1997, $1.2 billion of debt was outstanding. The upgrades reflect Tucson Electric's financial strategy to improve its weak financial parameters, and to fix a significant portion of its variable-rate debt. The company refinanced $131.8 million of tax exempt debt in April 1997, and may do up to $450 million of additional refinancings over the next
