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Fitch lowers Minnesota, Wisconsin power firms
Fitch Ratings said it affirmed the ratings of Xcel Energy, Inc. and its subsidiary companies, Northern States Power - Minnesota, Northern States Power - Wisconsin, Public Service Co. of Colorado and Southwestern Public Service Co.
Fitch also said it downgraded the short-term and commercial-paper ratings of Northern States Power - Minnesota and Northern States Power - Wisconsin to F2 from F1.
The outlook for Xcel, Northern States Power - Minnesota and Northern States Power - Wisconsin is stable.
The outlook for Public Service Co. of Colorado was revised to positive from stable.
The outlook for Southwestern Public Service was revised to stable from negative.
The ratings affirmed include Xcel's issuer default rating at BBB+, senior unsecured debt at BBB+, junior subordinated debentures at BBB- and short-term issuer default rating and commercial-paper rating at F2.
Northern States Power - Minnesota's issuer default rating was affirmed at A- and senior secured debt at A+.
Northern States Power - Wisconsin's issuer default rating was affirmed at A-, senior secured debt at A+ and senior unsecured debt at A.
Southwester Public Service's issuer default rating was affirmed at BBB, senior secured debt at A-, senior unsecured debt at BBB+ and short-term issuer default rating and commercial-paper rating at F2.
Public Service's issuer default rating was affirmed at BBB+, senior secured debt at A, short-term issuer default rating and commercial-paper rating at F2.
The ratings reflect the group's low-risk fully regulated business profile, balanced and diversified regulatory environment, sizable capital investment plan and concerns relate to potential for regulatory lag, Fitch said.
The ratings also reflect the group's substantial liquidity position and moderate debt refinancing, the agency said.
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