The stable outlook is based on our expectation that WG's management will continue to focus on core utility operations and reach constructive regulatory outcomes to avoid any meaningful increase in business risk. The outlook also reflects our base-case scenario of adjusted funds from operations (FFO) to debt averaging about 17%, which is in line with the current financial risk profile. We could lower our ratings on WG if we lower our rating on parent WEC Energy Group Inc. (WEC) to below 'A-' or if WG's financial measures weaken significantly, such that FFO to total debt is consistently below 17%. We could also lower the ratings if, in our opinion, there is material degradation in the insulation measures that provide the
