Standard&Poor's Ratings Services bases its corporate credit rating on Xcel Energy Inc. (Xcel; BBB/Stable/--) on the consolidated credit profile of Xcel and its subsidiaries, Northern States Power Co. (NSP-Minnesota; BBB/Stable/--), Northern States Power Wisconsin (NSP-Wisconsin; BBB+/Stable/--), Public Service Co. of Colorado (PSCO; BBB/Stable/--), and Southwestern Public Service Co. (SPS; BBB/Stable/--). The rating reflects the strength of the utilities' business profile ('5' on a scale of '1' to '10', with '10' being the weakest), which incorporates the generally supportive state regulation that governs each utility's rates, the relatively low-cost power supply and overall fuel diversity, and the broad geographic region encompassed by the combined service territories of Xcel's subsidiaries. Xcel's only non-regulated subsidiaries, Eloigne (subsidized low-income housing investments) and
