U.S. regulated utility holding company Alliant Energy Corp. (Alliant) has demonstrated a gradual improvement in profitability as its level of earned returns have stabilized, strengthening its competitive position. We are affirming our 'A-' issuer credit rating on Alliant. The outlook is stable. Alliant's improving profitability reflects the company's ability to maintain a consistent level of returns in recent years and the prospect of updated base rates as rate freezes end at both operating subsidiaries in 2017. The stable outlook reflects our expectation that the company will maintain its focus on low-risk, integrated electric utility and natural gas distribution operations while maintaining its current level of credit protection measures, with funds from operations (FFO) to debt in the 18%–20% range. On
