Diversity of geography, fuel, and economy; Credit supportive regulation; Focused around fully regulated utilities; and Strengthening financial profile. Aggressive capital spending; Dependence on supportive cost recovery; and Free operating cash flow negative. 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 has $8.9 billion of debt including $400 million of junior subordinated notes. Xcel utilities serve approximately 3.5 million electric and 2 million natural-gas customers in eight states with the largest operations in Minnesota and Colorado.
