Dominion Energy Inc.'s (DEI) financial measures, including funds from operations (FFO) to debt, have been at the lower end of the range for its financial risk profile category and we expect that financial measures will not materially improve, primarily reflecting robust capital spending and the deferral of higher commodity costs that will be recovered over several years. As such, we revised DEI's ratings outlook to stable from positive and affirmed DEI's rating including our 'BBB+' issuer credit ratings. The stable outlook reflects our view that DEI will maintain its financial performance while undertaking elevated capital spending over the next three year. Specifically, we expect FFO to debt of 13%-15% through 2025, consistent with the lower-end of the range for its
