Public Service Co. of Colorado (PSCo) is a low-risk, vertically integrated, fully rate-regulated electric and gas utility; Effective management of regulatory risk; A large customer base and a diverse fuel mix; Some environmental risks associated with the company's exposure to coal-fired generation; and An incremental growth strategy through wind generation. We assess PSCo's financial measures using more moderate financial benchmarks compared to the typical corporate issuer, reflecting PSCo's low-risk, regulated business and effective management of regulatory risk. We expect financial measures to trend toward the middle of the range of the company's financial risk profile category. Capital expenditures averaging about $1.6 billion; and Negative discretionary cash flows for the next few years. S&P Global Ratings' stable outlook on Denver-based Public
