Monopolistic, rate-regulated utility businesses that provide an essential service and produce relatively stable cash flows "More credit supportive" regulatory environment characterized by supportive cost-recovery ratemaking mechanisms Weak economic conditions in service territories, showing some signs of modest recovery The financial risk profile reflects consolidated financial measures Stable cash flows from regulated operations Moderate financial policy Significant capital spending requirements through 2017, which are expected to be funded in rate base. The stable outlook on the ratings reflects our baseline forecast for Wisconsin Energy Corp. (WEC) and its subsidiaries, which projects that consolidated funds from operations (FFO) to total debt will range between 19% and 22% and that adjusted debt to total capital will remain below 57%. Fundamental to our forecast
