Lower-risk natural gas distribution operations Credit-enhancing cost-recovery mechanisms Single-state utility, limiting regulatory and operating diversity Mostly residential and commercial customers help mitigate impact of economic cycles. Core financial measures are consistent with intermediate financial risk profile Steady cash flow from the gas distribution business Operating cash flow is negative after capital expenditures and dividends. S&P Global Ratings bases its stable 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 increase in business risk. The outlook also reflects our base-case scenario of adjusted funds from operations (FFO) to adjusted debt averaging around 20%, which is in line with the current financial risk
