Low-risk, vertically integrated, fully rate-regulated electric and gas utility; Supportive cost recovery through the regulatory process; A large customer base; and Low-cost generation fleet. Financial measures consistent with the middle of the range for its financial risk profile category; Aggressive capital spending in excess of $1 billion per year; Mostly free operating cash flow positive; and Negative discretionary cash flow, indicating external funding needs. The stable rating outlook on Public Service Co. of Colorado (PSCo) reflects that of parent Xcel Energy Inc. Over the next two years, S&P Global Ratings' expects Xcel Energy's management to continue to reach constructive regulatory outcomes to avoid any significant rise in business risk for the regulated utilities. Specifically, our base case forecast includes adjusted
