Duff & Phelps has raised its rating...

Duff & Phelps has raised its rating on about $730 million in outstanding debt securities of Union Oil Co. of California, Los Angeles. According to a spokesman for the rating agency, the rating was raised to “high triple B” because Unocal has made “significant strides” in reducing its financial leverage since 1985, when it incurred a large debt to finance a stock repurchase. As of June 30, Unocal’s outstanding debt had fallen to $4.8 billion, from a peak of $5.9 billion.