Steady utility operating cash flow; Credit-supportive regulation; Part of a large, diverse regulated electric utility operation; and Parent's low-cost generation portfolio. A large capital spending program that could pressure consolidated financial measures during construction; and Negative free operating cash flow. Standard&Poor's Ratings Services bases its rating on Public Service Co. of Colorado (PSCo) on the consolidated credit profile of holding company Xcel Energy Inc. This includes what we consider to be an excellent business risk profile and significant financial risk profile. Xcel is an integrated electric and natural gas utility holding company that owns vertically integrated utility subsidiaries PSCo, Northern States Power Wisconsin, Northern States Power Co. (NSP), and Southwestern Public Service Co. Xcel has geographic and economic
