Majority of consolidated cash flow from more predictable regulated lower-risk electric businesses; Large and well diversified customers base; Generally constructive regulatory frameworks; and Remaining generation mostly owned by regulated utilities. Credit measures that support the assessment of the financial risk profile as significant; Operating cash flow supported with timely recovery of transmission investments, base rate increases, and the recovery of fuel and capacity costs in Ohio; High capital spending; and Negative discretionary cash flow leading to external funding needs. S&P Global Ratings' stable rating outlook on American Electric Power Co. Inc. (AEP) and its subsidiaries reflects AEP's improving business risk profile that now consists almost entirely of regulated utility operations with adjusted funds from operations (FFO) to debt of about
