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Moody's rates Tucson Electric Power notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to about $250 million of unsecured notes being issued by Tucson Electric Power Co. and a prospective Baa3 to its unsecured shelf.
Concurrent with this rating assignment, Moody's said it affirmed all of the ratings of the company, including its issuer rating, the rating of all senior unsecured debt, including all senior unsecured revenue bonds, at Baa3 and all senior secured debt, including its credit facility at Baa1.
The outlook is stable.
Moody's said the Baa3 senior unsecured rating reflects the company's regulated operations and its relatively balanced rate decision that established a base rate plan through 2012, although the agency generally believes the Arizona regulatory framework is less supportive of timely cost recovery and reasonable returns as compared to other U.S. states.
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