On Feb. 11, 2002, Standard&Poor's placed its ratings of XCEL Energy Inc. on CreditWatch with negative implications. At the same time, the ratings of NRG Energy Inc. were placed on CreditWatch with positive implications. The CreditWatch actions reflect Standard&Poor's belief that there is a strong likelihood that XCEL will not reduce its ownership in NRG. If XCEL does not reduce its share in NRG, the business risk and credit profile of NRG must be incorporated in a determination of the overall corporate credit rating of XCEL. Minnesota-based XCEL Energy owns 74% of NRG Energy, a wholesale power developer that owns generating plants primarily in the U.S., but also in Europe, Asia, and Latin America. The CreditWatch
