Summary: Public Service Co. Of Colorado

Steady operating cash flow from regulated vertically integrated electric and natural gas distribution operations Regulation we consider credit supportive Part of a large, geographically and economically diverse regulated utility company with service territories that lack competition A low-cost diversified generation portfolio Aggressive capital spending Dependence on supportive cost recovery Negative free operating cash flow A manageable dividend payout ratio Discretionary cash flow expected to remain negative A continuing commitment to credit quality and maintenance of balanced capital structure The stable rating outlook on parent Xcel Energy Inc. (Xcel) and utility subsidiary Public Service Co. of Colorado (PSCo) reflects our expectation that management will continue to achieve constructive regulatory outcomes to avoid any meaningful rise in business risk for the regulated

RESEARCH Summary: Public Service Co. Of Colorado Publication date: 02-May-2014 Primary Credit Analyst: Gerrit W Jepsen, CFA, New York (1) 212-438-2529; gerrit.jepsen@standardandpoors.com Secondary Contact: Gabe Grosberg, New York...

Summary