Issuer Ranking: U.S. Regulated Electric Utilities, Strongest To Weakest Apr 11

Standard & Poors, April 2011

Abstract
Standard & Poor's Ratings Services expanded its business risk/financial matrix to better communicate our analytic opinions to the global credit market. Please see the May 27, 2009, article published on RatingsDirect titled "Criteria /Methodology: Business Risk/Financial Risk Matrix Expanded." The following list contains Standard & Poor's ratings, outlooks, and business and financial profiles for companies with a primary regulated electric utility focus. This list reflects the current ratings and outlooks as of April 7, 2011. The rankings in each rating/outlook grouping (e.g., BBB+/Stable/--) are based on relative business risk. A Standard & Poor's rating outlook assesses the potential direction of an issuer's long-term debt rating over the intermediate to longer term. In determining a rating outlook, we consider any changes...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Alabama Power Co.
- Allegheny Energy Inc.
- Appalachian Power Co.
- Arizona Public Service Co.
- Entergy Arkansas Inc.
- CenterPoint Energy Resources Corp.
- Atlantic City Electric Co.
- Baltimore Gas & Electric Co.
- NSTAR Electric Co.
- The Brooklyn Union Gas Company
- Carolina Power & Light Co. d/b/a Progress Energy Carolinas Inc.
- Central Hudson Gas & Electric Corp.
- Ameren Illinois Co.
- Cleco Power LLC
- Central Maine Power Co.
- AEP Texas Central Co.
- Duke Energy Ohio Inc.
- Cleveland Electric Illuminating Co.
- Commonwealth Edison Co.
- NSTAR Gas Co.
- Connecticut Light & Power Co.
- Connecticut Natural Gas Corp.
- Consolidated Edison Co. of New York Inc.
- Consumers Energy Co.
- Dayton Power & Light Co.
- Delmarva Power & Light Co.
- DTE Electric Co.
- Dominion Resources Inc.
- Duke Energy Corp.
- Duquesne Light Co.
- El Paso Electric Co.
- Empire District Electric Co.
- Florida Power & Light Co.
- Florida Power Corp. d/b/a Progress Energy Florida Inc.
- Georgia Power Co.
- Gulf Power Co.
- Hawaiian Electric Co. Inc.
- Hawaiian Electric Industries Inc.
- Idaho Power Co.
- Indiana Michigan Power Co.
- Indianapolis Power & Light Co.
- Jersey Central Power & Light Co.
- Kansas City Power & Light Co.
- Kansas Gas & Electric Co.
- Westar Energy Inc.
- Kentucky Power Co.
- Kentucky Utilities Co.
- Louisville Gas & Electric Co.
- Madison Gas & Electric Co.
- Massachusetts Electric Co.
- Metropolitan Edison Co.
- DTE Gas Co.
- ALLETE Inc.
- Entergy Mississippi Inc.
- Mississippi Power Co.
- Monongahela Power Co.
- Montana-Dakota Utilities Co.
- Narragansett Electric Co.
- Nevada Power Co.
- National Grid USA
- New England Power Co.
- Entergy New Orleans Inc.
- New York State Electric & Gas Corp.
- Niagara Mohawk Power Corp.
- North Shore Gas Co.
- Northern Indiana Public Service Co.
- Northern Natural Gas Co.
- Northern States Power Co.
- Northern States Power Wisconsin
- NorthWestern Corp.
- Ohio Edison Co.
- Ohio Power Co.
- Oklahoma Gas & Electric Co.
- Orange and Rockland Utilities Inc.
- Otter Tail Corp.
- Pacific Gas & Electric Co.
- PacifiCorp
- Pennsylvania Electric Co.
- PPL Electric Utilities Corp.
- Pennsylvania Power Co.
- The Peoples Gas Light & Coke Co.
- PECO Energy Co.
- Portland General Electric Co.
- Potomac Edison Co.
- Potomac Electric Power Co.
- Public Service Co. of Colorado
- Duke Energy Indiana Inc.
- Public Service Co. of New Hampshire
- Public Service Co. of New Mexico
- Public Service Co. of North Carolina Inc.
- Public Service Co. of Oklahoma
- Public Service Electric & Gas Co.
- Rochester Gas & Electric Corp.
- Rockland Electric Co.
- San Diego Gas & Electric Co.
- Sierra Pacific Power Co.
- South Carolina Electric & Gas Co.
- Southern California Edison Co.
- Southern Connecticut Gas Co.
- Southern Indiana Gas & Electric Co.
- Southwestern Electric Power Co.
- Southwestern Public Service Co.
- Tampa Electric Co.
- Texas-New Mexico Power Co.
- Toledo Edison Co.
- Tucson Electric Power Co.
- Ameren Missouri
- Duke Energy Kentucky Inc.
- The United Illuminating Co.
- Virginia Electric & Power Co.
- Avista Corp.
- West Penn Power Co.
- AEP Texas North Co.
- Western Massachusetts Electric Co.
- Wisconsin Electric Power Co.
- Wisconsin Gas LLC
- Wisconsin Power & Light Co.
- Wisconsin Public Service Corp.
- Ohio Valley Electric Corp.
- Puget Sound Energy Inc.
- American Electric Power Co. Inc.
- CenterPoint Energy Houston Electric LLC
- Peoples Energy LLC
- KCP&L Greater Missouri Operations Co.
- Green Mountain Power Corp.
- NV Energy Inc.
- IPALCO Enterprises Inc.
- SCANA Corp.
- TECO Energy Inc.
- System Energy Resources Inc.
- Puget Energy Inc.
- Black Hills Power Inc.
- DPL Inc.
- NextEra Energy Inc.
- Entergy Corp.
- Northeast Utilities
- Southern Co.
- Maui Electric Co. Ltd.
- Pinnacle West Capital Corp.
- CMS Energy Corp.
- Wisconsin Energy Corp.
- Columbus Southern Power Co.
- Edison International
- Enogex LLC
- MidAmerican Energy Holdings Co.
- Duquesne Light Holdings Inc.
- LG&E and KU Energy LLC
- Cinergy Corp.
- MidAmerican Energy Co.
- PPL Corp.
- Integrys Energy Group Inc.
- DTE Energy Co.
- CenterPoint Energy Inc.
- PG&E Corp.
- OGE Energy Corp.
- Ameren Corp.
- Alliant Energy Corp.
- California Indpt Sys Operator Corp.
- FirstEnergy Corp.
- KeySpan Gas East Corp.
- Consolidated Edison Inc.
- Iberdrola USA
- IDACORP Inc.
- Cleco Corp.
- NSTAR LLC
- Midwest Independent Transmission System Operator Inc.
- Xcel Energy Inc.
- Progress Energy Inc.
- American Transmission Co.
- Great Plains Energy Inc.
- Black Hills Corp.
- Oncor Electric Delivery Co. LLC
- Interstate Power & Light Co.
- Michigan Electric Transmission Co.
- PEPCO Holdings Inc.
- International Transmission Co.
- ITC Holdings Corp.
- PNM Resources Inc.
- Yankee Gas Services Co.
- Duke Energy Carolinas LLC
- Entergy Louisiana LLC
- FirstEnergy Solutions Corp.
- Entergy Gulf States Louisiana LLC
- Entergy Texas Inc.
- ITC Midwest LLC
- Berkshire Gas Co.
- Otter Tail Power Co.
- American Transmission Systems Inc.
- UIL Holdings Corp.
- National Grid North America Inc.
- ITC Great Plains LLC

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