Moody's upgrades UniSource, Tucson Electric

Moody's Investors Service said it upgraded the long-term ratings of UniSource Energy Corp. to Ba1 from Ba2, including the secured credit facility. The agency also upgraded the long-term ratings of subsidiary Tucson Electric Power Co. by one notch, including its senior secured debt, to Baa2 from Baa3.

The outlook is stable for both companies.

The upgrade reflects improved financial performance by both UniSource and Tucson Electric and Moody's expectation that this will be sustainable over the next several years. The improvements in financial performance result from deleveraging and refinancing activity that has reduced interest expense and from revenue growth that is underpinned by a customer growth rate that is well above average.

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