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 $8.9 billion of debt, including $400 million of junior subordinated notes. Xcel utilities serve approximately 3.3 million electric and 1.8 million natural-gas customers in eight states with the largest operations in Minnesota and Colorado. The rating on Xcel reflects a consolidated business risk profile that we consider as 'excellent'. This is exhibited by credit supportive regulation, particularly in Colorado, Minnesota, and Wisconsin where about 90% of
