Alliant Energy Corp.

The stable outlook reflects our expectation that AEC will continue to strengthen the consolidated financial measures over the next few years as it executes its elevated capital-spending plan. Our base case reflects funds from operations (FFO) to debt of about 16% throughout the outlook period. We could lower the ratings on AEC and Interstate Power&Light Co. (IP&L) if: AEC's FFO to debt consistently falls below 15%; Adverse regulatory decisions suggest a structural weakening of the company's regulatory constructs; or The company disproportionately expands its nonutility operations. We do not expect an upgrade over the next two years given our assessment of AEC's business risk profile, expectations for financial performance, and the company's large capital spending program. Any positive

...We expect Alliant Energy Corp. (AEC) to continue to effectively manage regulatory risks through regulatory mechanisms for timely recovery of operating costs under credit-supportive regulatory frameworks in Iowa and Wisconsin. The company continues to benefit from supportive regulatory mechanisms including use of a forward-looking test year in both states. AEC continues the clean energy transition momentum to retire coal-fired plants and invest in renewable energy with elevated capital expenditures. AEC's renewable energy investments and retirement of coal-fired facilities will allow AEC to achieve its net-zero-carbon emissions goal by 2050 and reduce potential environmental risks associated with coal, supporting our assessment of the company's business risk....

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