Fitch lifts Public Service Colorado

Fitch Ratings said it upgraded the issuer default rating of Public Service Co. of Colorado by one notch to A- from BBB+ and revised the outlook to stable from positive.

Fitch also said it affirmed Xcel Energy, Inc.'s issuer default rating at BBB+, senior unsecured debt at BBB+, short-term issuer default and commercial-paper ratings at F2.

The agency also affirmed operating subsidiary Northern States Power-Minnesota's issuer default rating at A-, senior secured debt at A+ and short-term issuer default and commercial-paper ratings at F2.

Northern States Power-Wisconsin's issuer default rating was affirmed at A-, senior secured debt at A+, senior unsecured debt at A and short-term issuer default and commercial-paper ratings at F2.

Southwestern Public Service Co.'s issuer default rating was affirmed at BBB, senior secured debt at A-, senior unsecured debt at BBB+ and short-term issuer default and commercial-paper ratings at F2.

The outlook is stable.

The ratings reflect the relatively stable operating cash flows of the company's operating subsidiaries and the financial support it receives from them in the form of dividends for the payment of corporate expenses, debt service obligations and dividends to common shareholders, Fitch said.

The company enjoys relatively constructive regulatory frameworks across multiple jurisdictions and exhibits limited fuel and commodity price risk due to the ability to recover fuel and purchased power via separate cost trackers, the agency said.

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