Overview Key strengths Key risks Low-risk natural gas utility operations. Non-utility operations that weaken consolidated credit quality. Regulatory diversity and sizable scale. Large capital spending program that requires balanced funding. Robust economic growth across the service territory. Negative discretionary cash flow. In December 2023, SWX announced that will pursue an IPO in the spring or summer of 2024 to separate subsidiary Centuri as, an independent utility infrastructure services company. We expect Centuri to use the cash proceeds from the offering to primarily repay outstanding debt to improve its leverage metrics after separation. The positive outlook on SWX reflects the possibility that we will raise our rating by one or more notches over the next 12 months due to our expectation
