The rating on integrated electric and natural gas 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 $8.3 billion of debt, including $400 million of junior subordinated notes, and $105 million of preferred stock as of March 31, 2008. Xcel, as a regulated utility holding company, serves 3.3 million electric and 1.8 million natural-gas customers in eight different states with its largest operations in Minnesota and Colorado. The rating on Xcel reflects its excellent consolidated business profile exhibited by supportive regulation, particularly in
