Research Update: Xcel Energy Inc May 03

Standard & Poors, May 2003

Abstract
(Editor's note: In the research update on Xcel Energy Inc. originally published on May 14, 2003, the number of creditors who have signed the NRG Energy Inc. settlement agreement was incorrectly noted in the second paragraph. A corrected version follows.) On May 14, 2003, Standard & Poor's Ratings Services revised its CreditWatch implications for the long-term ratings on Xcel Energy Inc. (BBB/Watch Pos/A-2) and its regulated utility subsidiaries to positive from developing. Standard & Poor's also raised its short-term corporate credit and commercial paper ratings on the company to 'A-2' from 'A-3' and removed the short-term ratings from CreditWatch. A significant number of creditors of subsidiary NRG Energy Inc. (D/--/--) have signed the settlement agreement. Xcel Energy expects additional signatures...

Companies mentioned in this report are:
- Xcel Energy Inc.
- Northern States Power Co.
- Northern States Power Wisconsin
- Public Service Co. of Colorado
- Southwestern Public Service Co.
- NRG Energy Inc.

Action: CreditWatch Update

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Xcel Energy Inc.
- Northern States Power Co.
- Northern States Power Wisconsin
- Public Service Co. of Colorado
- Southwestern Public Service Co.
- NRG Energy Inc.

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