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Xcel Energy Third Quarter 2013 Earnings Report

Note 3. Xcel Energy Capital Structure, Financing and Credit Ratings

Following is the capital structure of Xcel Energy:


Percentage of
(Billions of Dollars) Sept. 30, 2013

Total Capitalization
Current portion of long-term debt $ 0.3 1 %
Short-term debt 0.3 1
Long-term debt 10.9   52  
Total debt 11.5 54
Common equity 9.5   46  
Total capitalization $ 21.0   100 %

Credit Facilities   As of Oct. 22, 2013, Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available to meet its liquidity needs:
(Millions of Dollars) Credit Facility (a) Drawn (b) Available Cash Liquidity
Xcel Energy Inc. $ 800.0 $ 314.0 $ 486.0 $ 0.2 $ 486.2
PSCo 700.0 6.8 693.2 105.5 798.7
NSP-Minnesota 500.0 76.9 423.1 0.1 423.2
SPS 300.0 50.0 250.0 0.2 250.2
NSP-Wisconsin 150.0   45.0   105.0   48.6   153.6
Total $ 2,450.0   $ 492.7   $ 1,957.3   $ 154.6   $ 2,111.9

(a) These credit facilities expire in July 2017.

(b) Includes outstanding commercial paper and letters of credit.

Credit Ratings — Access to the capital market at reasonable terms is dependent in part on credit ratings. The following ratings reflect the views of Moody’s Investors Service (Moody’s), Standard & Poor’s Rating Services (Standard & Poor’s), and Fitch Ratings (Fitch).

As of Oct. 22, 2013, the following represents the credit ratings assigned to Xcel Energy Inc. and its utility subsidiaries:
Company Credit Type Moody’s Standard & Poor’s Fitch
Xcel Energy Inc. Senior Unsecured Debt Baa1 BBB+ BBB+
Xcel Energy Inc. Commercial Paper P-2 A-2 F2
NSP-Minnesota Senior Unsecured Debt A3 A- A
NSP-Minnesota Senior Secured Debt A1 A A+
NSP-Minnesota Commercial Paper P-2 A-2 F2
NSP-Wisconsin Senior Unsecured Debt A3 A- A
NSP-Wisconsin Senior Secured Debt A1 A A+
NSP-Wisconsin Commercial Paper P-2 A-2 F2
PSCo Senior Unsecured Debt Baa1 A- A-
PSCo Senior Secured Debt A2 A A
PSCo Commercial Paper P-2 A-2 F2
SPS Senior Unsecured Debt Baa2 A- BBB+
SPS Senior Secured Debt A3 A- A-
SPS Commercial Paper P-2 A-2 F2

The highest credit rating for debt is Aaa/AAA and the lowest investment grade rating is Baa3/BBB-. The highest rating for commercial paper is P-1/A-1/F-1 and the lowest rating is P-3/A-3/F-3. A security rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the credit rating agency and each rating should be evaluated independently of any other rating.

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