Our assessment of the utility's business risk profile reflects its monopolistic, lower-risk natural gas distribution businesses that provide an essential service, its relatively small size, and its effective management of regulatory risk. SEMCO?s financial stability is supported by its use of constructive regulatory mechanisms that allow it to recover commodity costs and other infrastructure investments from its customers in a timely manner, which is generally consistent with our view of its peer utilities. These mechanisms ensure stable cash flows and enable timely recovery of expenses related to SEMCO's commodity and infrastructure investments. We assess SEMCO?s stand-alone financial measures using our medial volatility table. This reflects the company's low-risk, regulated gas distribution business and effective management of regulatory risk. Our base
