S&P: No change for Tucson Electric

Standard & Poor's said the May 8 vote by the Arizona Corporation Commission that allows Tucson Electric Power (BB/stable/B-2) to hold retail electric rates at their current levels until its ongoing rate proceeding is modestly favorable for the company's credit.

While the ruling will maintain the agency's cash flow expectations in 2008, credit quality will remain in flux until the commission issues an order in the rate proceeding, which is not expected before late 2008 or early 2009, S&P said.

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