Our 'A' issuer credit rating (ICR) on Wisconsin Gas LLC (WG), a core subsidiary of parent Wisconsin Energy Corp. (WEC) reflects its stand-alone credit profile (SACP) and is derived from: The 'a' anchor, based on a business risk profile we view as "excellent" and a financial risk profile we consider "intermediate". Our assignment of the lower of the two anchor outcomes because we view WG's business risk profile to be at the lower end of the excellent range due to the company's small size, limited geographic diversity, and susceptibility to weather variability. Our application of the low volatility table, reflecting low risk regulated natural gas distribution operations and "strong" regulatory advantage. Modifiers that are neutral. Sufficient regulatory insulation and WG's
