Standard&Poor's Ratings Services bases its ratings on Wisconsin Gas LLC (WG) on the consolidated credit profile of its parent, Milwaukee-based electric and natural gas utility holding company Wisconsin Energy Corp. (WEC). The parent's ratings reflect an "excellent" business risk profile and a "significant" financial risk profile. (We rank utilities' business risk profiles from excellent to vulnerable and their financial profiles from minimal to highly leveraged. For more on business risk and financial risk, see "Business Risk/Financial Risk Matrix Expanded," published Sept. 18, 2012, on RatingsDirect on the Global Credit Portal.) WEC's other regulated operating subsidiary is Wisconsin Electric Power Co. (WEPCO). WG and WEPCO also have excellent business risk profiles. Affiliate W.E. Power was formed in 2001 to
