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. and its vertically integrated utility subsidiaries: PSCo, Northern States Power Co. Minnesota (NSP-M), Northern States Power Co. Wisconsin (NSP-Wisconsin), and Southwestern Public Service Co. (SPS). Minneapolis, Minn.-based Xcel has $9.3 billion of debt, including $400 million of junior subordinated notes. Of these amounts, PSCo comprises about $2.8 billion. Xcel utilities serve approximately 3.5 million electric and 2 million natural-gas customers in eight 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
