The rating on utility holding company Xcel Energy Inc. is based on the consolidated credit profile of Xcel and its vertically integrated utility subsidiaries, Northern States Power Co. (NSP-Minnesota), Northern States Power Wisconsin (NSP-Wisconsin), Public Service Co. of Colorado (PSCo), and Southwestern Public Service Co. (SPS). Minneapolis, Minn.-based Xcel had $7.4 billion of debt and $105 million of preferred stock as of March 31, 2007. The rating on Xcel reflects its consolidated business profile of '5' (satisfactory) that incorporates its utilities' generally supportive state regulation, the relatively low-cost power supply and overall fuel diversity, and the diverse geographic service territories. (Business profiles are categorized from '1' (excellent) to '10' (vulnerable).) The rating also reflects an aggressive consolidated financial profile that
