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Moody's rates Tucson Electric
Moody's Investors Service said it has assigned a Ba2 rating to $400 million of secured bank credit facilities of Tucson Electric Power Co.
The facilities replace $400 million of similar facilities that would have expired in 2006. The facilities are secured by TEP second mortgage bonds and will be used for working capital and to provide letter of credit support for a total of $329 million of tax-exempt variable rate bonds.
Moody's said the Ba2 rating reflects Tucson Electric's underlying credit quality, which features consistent and predictable cash flows balanced against very high leverage and significant annual debt service obligations.
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