Credit Ratings

Investor Relations

	S&P	Moody's

Long-term Issuer

A- (OS)
6/23/2010

Baa1 (OS)
3/28/2019

Ratings History

	A- (OS) 6/23/2010	Baa1 (OS) 3/28/2019
	BBB+ (OP) 6/10/2009	A3 (ON) 10/19/2018
	BBB+ (OS) 10/16/2007	A3 (OS) 3/28/2017
	BBB (OS) 6/1/2004	A3 (OS) 1/31/2014

Short-term/Commercial Paper

A-2
6/8/2005

P-2
3/28/2019

Ratings History

	A-2 6/8/2005	P-2 3/28/2019
	A-2 6/1/2005	P-2 10/19/2018
	A-2 3/12/2004	P-2 3/28/2017
	A-2 (WR) 5/14/2003	P-2 6/9/2005

Senior Unsecured

BBB+
6/23/2010

Baa1
3/28/2019

Ratings History

	BBB+ 6/23/2010	Baa1 3/28/2019
	BBB 10/16/2007	A3 10/19/2018
	BBB- -	A3 3/28/2017
	-	A3 (WR) 1/31/2014

Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing

	S&P	Moody's

Northern States Power Company - MN

Long-term Issuer	A- (OS) 6/23/2010	A2 (OS) 10/19/2018
	BBB+ (OP) 6/10/2009	A2 (OS) 1/31/2014
	BBB+ (OS) 10/16/2007	A3 (WP) 11/8/2013
	BBB (OS) 6/1/2004	A3 (OS) 4/19/2004
Short-term/Commercial Paper	A-2 2/14/2006	P-1 10/19/2018
	A-2 3/12/2004	P-1 1/31/2014
	A-2 (WR) 5/14/2003	P-2 (WP) 11/8/2013
	A-3 (WU) -	P-2 3/15/2006
Trust Preferred	BB+ (WP) 5/14/2003	Baa2 (WR) 9/5/2002
	BB+ (WU) 6/24/2002	Baa1 (WN) 8/16/2002
	BBB -	A2 (WN) 7/29/2002
	-	A2 10/18/2001
Senior Secured Debt	A 5/31/2018	Aa3 10/19/2018
	A 10/16/2007	Aa3 1/31/2014
	A- 7/22/2004	A1 (WP) 11/8/2013
	BBB+ (WR) 3/12/2004	A1 8/3/2009
Senior Unsecured	BBB+ 11/5/2008	A2 10/19/2018
	BBB 10/16/2007	A2 8/9/2016
	BBB- -	A2 11/6/2014
	-	A2 1/31/2014

Long-term Issuer	A- (OS) 6/23/2010	A2 (OS) 10/19/2018
Short-term/Commercial Paper	A-2 2/14/2006	P-1 10/19/2018
Senior Secured Debt	A 5/31/2018	Aa3 10/19/2018
Senior Unsecured	-	A2 10/19/2018

Northern States Power Company - WI

Long-term Issuer	A- (OS) 6/23/2010	-
Short-term/Commercial Paper	A-2 3/24/2011	P-1 10/19/2018
Senior Secured Debt	A 9/6/2007	Aa3 10/19/2018
Senior Unsecured	-	A2 (OS) 10/19/2018

Public Service Company of Colorado

Long-term Issuer	A- (OS) 6/23/2010	A3 (OS) 10/19/2018
Short-term/Commercial Paper	A-2 10/24/2005	P-2 10/19/2018
Senior Secured Debt	A 10/16/2007	A1 10/19/2018
Senior Unsecured	-	A3 10/19/2018

Southwestern Public Service Company

Long-term Issuer	A- (OS) 6/23/2010	Baa2 (OS) 10/19/2018
Short-term/Commercial Paper	A-2 11/22/2005	P-2 10/19/2018
Senior Secured Debt	A 2/14/2013	A3 10/19/2018
Senior Unsecured	A- 6/23/2010	Baa2 10/19/2018

Long-Term Ratings

Moody's

Highest Quality

(P)Aaa Aaa
High Quality

Aa1 (P)Aa1 (P)Aa2 Aa2 Aa3 (P)Aa3
Upper-Medium Quality

(P)A1 A1 A2 (P)A2 (P)A3 A3
Medium-Grade Quality

Baa1 (P)Baa1 (P)Baa2 Baa2 Baa3 (P)Baa3
Substantial Risk

(P)Ba1 Ba1 Ba2 (P)Ba2 (P)Ba3 Ba3
High Risk

B1 (P)B1 (P)B2 B2 B3 (P)B3
Very High Risk

(P)Caa1 Caa1 Caa2 (P)Caa2 (P)Caa3 Caa3
Highly Speculative

(P)Ca Ca
Default

C (P)C

S&P

Extremely Strong

AAA AAApi AAAt
Very Strong

AA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t
Strong

A+ A+pi A+t Api At A A- A-pi A-t
Adequate

BBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t
Less Vulnerable

BB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t
More Vulnerable

B+ B+pi B+t B Bpi Bt B- B-pi B-t
Currently Vulnerable

CCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t
Highly Vulnerable

CCpi CCt CC C+ C+pi C+t C Cpi Ct
Selective Default

SD SDpi SDt
Default

D+ D+pi D+t Dpi Dt D
Regulatory Supervision

R Rpi Rt

Short-Term Ratings

Moody's

Superior

(P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1
Strong

VMIG 2 P-2 MIG 2 (P)VMIG 2 (P)P-2 (P)MIG 2
Acceptable

(P)MIG 3 (P)P-3 (P)VMIG 3 MIG 3 P-3 VMIG 3
Not Prime

NP (P)NP

S&P

Extremely Strong

A-1+
Strong

A-1
Satisfactory

A-2
Adequate

A-3
More Vulnerable

B B-1 B-2 B-3
Highly Vulnerable

C
Selective Default

SD
Default

D
Regulatory Supervision

R

Financial Strength Ratings

Moody's

Exceptional Security

Aaa
Excellent Security

Aa1 Aa2 Aa3
Good Security

A1 A2 A3
Adequate Security

Baa1 Baa2 Baa3
Questionable Security

Ba1 Ba2 Ba3
Poor Security

B1 B2 B3
Very Poor Security

Caa1 Caa2 Caa3
Extremely Poor Security

Ca C

S&P

Extremely Strong

AAA AAApi
Very Strong

AA+ AA+pi AApi AA AA- AA-pi
Strong

A+ A+pi Api A A- A-pi
Good

BBB+ BBB+pi BBBpi BBB BBB- BBB-pi
Marginal

BB+ BB+pi BB BBpi BB- BB-pi
Weak

B+ B+pi B Bpi B- B-pi
Very Weak

CCC+ CCC+pi CCCpi CCC CCC- CCC-pi
Extremely Weak

CCpi CC
Regulatory Action

R

Issuer ratings are S&P/Moody’s respectively. A security rating is not a recommendation to buy, sell or hold securities and should be evaluateddependently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

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