Alliant Energy Corp.

Proposed investments in solar generation will help AEC lower emissions and reduce the proportion of coal-based generation. We expect the company to fund these investments in a credit-supportive manner. Over time, we expect this transition to reduce potential environmental risks associated with coal, supporting our assessment of the company's business risk. The stable outlook reflects our expectation of strengthening consolidated financial measures for Alliant Energy Corp. that we believe will continue over the next few years as the company executes its elevated capital-spending plan. Our base case reflects funds from operations (FFO) to debt to be in the 16%-18% range. We could lower the ratings on AEC and Interstate Power&Light Co. (IP&L) if Alliant's FFO to debt consistently

... allow for timely recovery of operating costs. Alliant Energy Corp. (AEC) benefits from supportive regulatory jurisdictions in Iowa and Wisconsin that allow the use of various credit-supportive mechanisms such as the use of a forward-looking test year in both states and an energy adjustment clause in Iowa. It also incorporates the authorized returns on equity in both jurisdictions that average about 10% Elevated capital expenditures through 2024 to complement the company's strategy of investing in renewable generation and diversifying its generation portfolio. AEC projects aggregate capital spending from 2020 to 2024 of more than $6.6 billion, net of tax equity proceeds, which it will primarily use for investments in electric and gas distribution systems, and new solar generation in Iowa and Wisconsin. Proposed investments in solar generation will help AEC lower emissions and reduce the proportion of coal-based generation. We expect the...

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