The rating on Public Service Co. of Colorado (PSCo) is based on the consolidated credit profile of integrated electric and natural gas utility holding company Xcel Energy Inc. The company owns vertically integrated utility subsidiaries--PSCo, Northern States Power Co., Northern States Power Wisconsin, and Southwestern Public Service Co. Minneapolis, Minn.-based Xcel has $8.9 billion of debt (including $400 million of junior subordinated notes) of which PSCo is about $3 billion. Xcel's utilities serve 3.3 million electric and 1.8 million natural-gas customers in eight different states with the largest operations in Minnesota and Colorado. The rating on Xcel reflects a consolidated business risk profile that we consider as 'excellent'. This is exhibited by credit supportive regulation, particularly in Colorado, Minnesota, and
