Lower-risk regulated electric and gas utilities in Colorado. Effective management of regulatory risk. More than 50% of the company's electricity is from coal generating assets. Core financial measures that are consistent with the "significant" financial risk profile. Use of the medial volatility table reflecting the company's lower risk rate regulated utility and higher operating risk of regulated generation. Improving economic conditions in the company's service territories. High capital spending. The stable outlook on Public Service Co. of Colorado (PSCo) reflects our consolidated view of parent Xcel Energy Inc. and our expectations that the consolidated company will generally continue to reach constructive regulatory outcomes to avoid any meaningful rise in business risk for the regulated utilities. Specifically, our consolidated base-case forecast
