Low-risk regulated assets, with limited commodity price and volume risks Diversified portfolio of regulated utilities operating as monopoly service providers Minimal unregulated business and divesting of noncore real estate business Stable regulated cash flow Highly leveraged and downward pressure on credit metrics as a result of large capital programs over the next several years The stable outlook reflects Standard&Poor's Ratings Services' assessment of the underlying operational and financial stability of Fortis Inc.'s operating companies. We expect these operating companies to continue generating stable and predictable cash flow, a key credit strength. We could lower the ratings on Fortis if the company's adjusted funds from operations (AFFO)-to-debt were to fall and stay below 9%. This could happen if Fortis
