Regulated utility operations have low business risk and support the overall credit profile. Effective management of regulatory risk. Nonutility operations mainly consist of unregulated power generation and materially increase business risk. Core credit ratios are at the lower end of the intermediate financial risk profile category. Large capital spending program. Financial policy commitment to maintain current financial risk profile. The stable rating outlook on NextEra Energy Inc. and its subsidiaries reflects our expectation that the company will preserve its strong business risk profile while ensuring that its financial risk profile remains well within the intermediate category at all times, albeit toward the lower end of the category, including after the proposed merger with Hawaiian Electric Industries Inc. Moreover, the stable
