Standard&Poor's Ratings Services notes that Xcel Energy Inc. (BBB/Watch Dev/--) received a temporary waiver from the SEC's requirement that it maintain at least a 30% equity ratio. In addition, Xcel successfully paid down its $400 million bank facility that matures on Nov. 8, 2002. The SEC has temporarily reduced the 30% equity to total capitalization ratio requirement to 24% through March 2003, allowing Xcel to complete its financing plans. Xcel has repaid the existing $400 million bank facility from cash on hand and a borrowing under a new facility. While the borrowing costs of the new financing are higher than the expiring bank facility, the borrowing rate is not as onerous as what other companies have been forced
