Majority of consolidated cash flow comes from more–predictable, regulated lower-risk electric and gas businesses Utility operations benefit from generally constructive regulatory frameworks Lack of higher-risk unregulated activities Solid operational performance. Debt leverage, as measured by debt to EBITDA, expected to exceed 4x Funds from operations (FFO) to debt around the mid-point of the financial risk profile assessment of significant Annual capital spending over $1.9 billion Ongoing dividend payments Negative discretionary cash flow resulting in external funding needs. S&P Global Ratings' stable rating outlook on WEC Energy Group Inc. (WEC) over the next two years reflects our expectation that management will continue to focus on its core utility operations and reach constructive regulatory outcomes to avoid any meaningful rise in business
