Lower-risk natural gas distribution operations. Operates under regulation that allows several credit-enhancing cost-recovery mechanisms. Operations in one state, limiting regulatory and business diversification. Mostly residential and commercial customers, which mitigates the impact of economic cyclicality. Core financial measures are consistent with the financial risk profile category using our low volatility benchmarks. Steady cash flows from the gas distribution business. We base the stable rating outlook on Wisconsin Gas LLC (WG) on our expectation that management will continue to focus on core utility operations and reach constructive regulatory outcomes to avoid any meaningful rise in business risk. The outlook also reflects our base case scenario of adjusted funds from operations (FFO) to total debt around 23%, which is in line with
