A low-risk, vertically integrated electric utility; A credit-supportive regulatory construct in Louisiana; Small customer base; and Limited regulatory and geographical diversity. Existing formula rate plan until 2020; Relatively large amount of holding company leverage; and Use of more relaxed financial benchmark ratios relative to the typical corporate issuer. The stable outlook on Cleco Corp. reflects S&P Global Ratings' expectation that the company will continue to focus on its regulated utility strategy despite the recent change in ownership. The stable outlook further reflects our expectations that consolidated financial measures will consistently reflect the middle of the range for its financial risk profile over the next three years. Specifically, we expect consolidated funds from operations (FFO) to debt in the 10%-12% range,
