Standard&Poor's Ratings Services bases its rating on Minneapolis-based Xcel Energy Inc. on the consolidated credit profile that includes what we consider to be an "excellent" business risk profile and "significant" financial risk profile. Xcel is an integrated electric and natural gas utility holding company that owns vertically integrated utility subsidiaries Northern States Power Co. (NSP), Northern States Power Wisconsin, Public Service Co. of Colorado (PSCo), and Southwestern Public Service Co. Xcel has geographic and economic diversity because its utilities operate in eight states, from the upper Midwest down to New Mexico. Our base forecast continues to reflect steady economic activity in the service territories of NSP and PSCo, the largest utilities. Our rating on Xcel reflects a fully
