Diversity of geography, fuel, and economy; Credit supportive regulation; Focused around fully regulated utilities; and Strengthening financial profile. Aggressive capital spending; Dependence on supportive cost recovery; and Free operating cash flow negative. The rating on Public Service Co. of Colorado (PSCo) is based on the consolidated credit profile of integrated electric and natural gas utility holding company Xcel Energy Inc. and its vertically integrated utility subsidiaries— PSCo, NSP Minnesota, Northern States Power Co. Wisconsin (NSP-Wisconsin), and Southwestern Public Service Co. (SPS). Minneapolis, Minn.-based Xcel has $8.9 billion of debt, including $400 million of junior subordinated notes. Of these amounts, PSCo comprises about $2.9 billion. Xcel utilities serve approximately 3.5 million electric and 2 million natural-gas customers in eight states with
