This report does not constitute a rating action. Overview Key strengths Key risks Low-risk utility operations across U.S., Canada, and the Cayman Islands. Minimal cushion in financial measures, largely due to elevated capital spending that we expect to persist. Large scale with geographic and regulatory diversity. Negative discretionary cash flows over our forecast period indicate external funding needs. Consistent track record of service reliability. Exposure to physical risk, including wildfire, storms, hurricanes, and flooding. We continue to assess Fortis? business risk as excellent, underpinned by its substantial customer base of approximately 3.5 million, operations across 10 U.S. states, five Canadian provinces and the Cayman Islands; and generally constructive regulatory frameworks. These frameworks, including multi-year rate plans and forward-looking test years,
