The ratings on UtiliCorp United Inc. reflect the company's average business position and gradually improving financial profile. The regulated utility operations are supported by sales and earnings stability derived from international geographic and economic diversity. The credit profile of Utilicorp's unregulated operations is weaker than the company's core utility business, which reflects volatile energy trading and marketing operations, adequate commercial position in the top tier of energy marketers, an excellent risk-management system, and an overall approach to risk that emphasizes risk minimization. Credit quality is diminished by limited asset access to support its trading activities, especially electric generation, and financial strength and liquidity that is barely adequate at the company's current rating. Aquila Inc., the company's energy marketing and trading
