Standard&Poor's Ratings Services bases its rating on Public Service Co. of Colorado (PSCo) on the consolidated credit profile of holding company Xcel Energy Inc., which includes an "excellent" business risk profile and a "significant" financial risk profile, under our criteria. Xcel is an integrated electric and natural gas utility holding company that owns vertically integrated utility subsidiaries PSCo, Northern States Power Co. (NSP), Northern States Power Wisconsin, and Southwestern Public Service Co. Xcel has geographic and economic diversity because its utilities operate in eight states, from the upper Midwest down to New Mexico. Our base forecast continues to reflect steady economic activity in the service territories of NSP and PSCo, the largest utilities. Xcel's rating reflects a fully
