Low-risk, vertically integrated, and rate-regulated electric and natural gas utility operations Regulatory and geographic diversity Large customer base across eight states Low-cost diversified generation portfolio. Financial measures below the mid-point of the range for financial risk profile category Operating cash flow supported by steady ongoing cost recovery High capital spending Negative discretionary cash flow, indicating external funding needs S&P Global Ratings' rating outlook over the next 24 months on Xcel Energy Inc. and its subsidiaries is stable. We base the outlook on our expectation that Xcel Energy's management will continue to reach constructive regulatory outcomes to avoid any significant rise in business risk for the regulated utilities. Specifically, our base case forecast includes adjusted funds from operations (FFO) to debt
