As of April 22, 2009, the following represents the creditratings assigned to various Xcel Energy companies. CompanyCredit TypeMoody`sS & P`sFitch Xcel EnergySenior Unsecured DebtBaa1 BBBBBB+Xcel EnergyCommercial Paper P-2A-2F2NSP-MinnesotaSenior Unsecured DebtA3 BBB+ A NSP-MinnesotaSenior Secured DebtA2 AA+NSP-MinnesotaCommercial Paper P-2A-2F1NSP-WisconsinSenior Unsecured DebtA3 A- A NSP-WisconsinSenior Secured DebtA2 AA+PSCo Senior Unsecured DebtBaa1 BBB+ A-PSCo Senior Secured DebtA3 AA PSCo Commercial Paper P-2A-2F2SPSSenior Unsecured DebtBaa1 BBB+ BBB+SPSCommercial Paper P-2A-2F2 Note 5.Rates and RegulationCapX 2020 Transmission Project- In August 2007, NSP-Minnesota and Great RiverEnergy (on behalf of eight other regional transmission providers) filed acertificate of need application, for three 345 KV transmission lines, as part ofthe CapX 2020 project. The project to build the three lines includesconstruction of approximately 600 miles of new facilities at a cost ofapproximately $1.7 billion, with construction to be completed in phases. Thecost of the project to NSP-Minnesota and NSP-Wisconsin is estimated to beapproximately $900 million.

These cost estimates will be revised after theregulatory process is completed. On April 16, 2009, the MPUC granted a certificate of need to construct three 345kilovolt electric transmission lines in Minnesota. The MPUC also included acondition regarding guaranteeing a portion of the capacity of the Brookings,SD-Hampton, Minn., line for renewable energy. Applications for route permits are currently under state review or indevelopment, and decisions are expected in 2010. Similar regulatory processeswill be pursued for segments of the three 345 kilovolt lines in Wisconsin, NorthDakota and South Dakota. Permits in those states will be filed in 2009 withdecisions expected in 2010 Federal permit applications will be filed in 2009 NSP-Minnesota – Minnesota Electric Rate Case – On Nov.

3, 2008, NSP-Minnesota,filed a request with the Minnesota Public Utilities Commission (MPUC) toincrease Minnesota electric rates by $156 million annually, or 6.05 percent. Therequest is based on a 2009 forecast test year, an electric rate base of $4.1billion, a requested return on equity (ROE) of 11.00 percent, and an equityratio of 52.5 percent. In December 2008, the MPUC approved an interim rate increase, subject to refund,of $132 million, or 5.12 percent, effective Jan 2, 2009. The primary differencebetween interim rate levels approved and NSP-Minnesota`s request of $156 millionis due to a previously authorized ROE of 10.54 percent and NSP-Minnesota`srequested ROE of 11.00 percent On April 7, 2009, intervenors submitted direct testimony. The Office of EnergySecurity (OES) recommended a revenue increase of $72 million, based on a ROE of10.88 percent and an equity ratio of 52.5 percent.

In addition, the OESrecommendation reflected the following adjustments:* Recognition of a 10 year life extension of the Prairie Island facility,resulting in a decrease of approximately $40 million in depreciation anddecommissioning expenses and rejection of our proposed nuclear rate stabilityplan. These adjustments reduce NSP-Minnesota`s rate request while at the sametime reducing expense accruals by $40 million. * An adjustment for increased sales, which reduced the request by $12.3 million,a $7 million reduction in short-term capacity expenses, a decrease in overallsalaries of $4.8 million, a decrease in vegetation management costs of $2.2million and chemical commodity cost decreases of $1.6 million.The Office of the Attorney General (OAG) recommended recognition of depreciationand decommissioning cost decreases resulting from the Prairie Island lifeextension in the current proceeding and rejection of the proposed nuclear ratestability plan. However, the OAG did not recommend a specific reduction inrevenue requirements.

The OAG also proposed a fuel clause adjustment (FCA)incentive through a 3 percent cap on base fuel costs and requested that anyapproved increase in rates be applied equally to all classes of customers. A final decision from the MPUC is expected in the third quarter of 2009. Thefollowing procedural schedule has been established:* NSP-Minnesota rebuttal testimony on May 5, 2009; * Intervenor surrebuttal testimony on May 26, 2009; and * Evidentiary hearings are scheduled for June 2-9, 2009.PSCo – Colorado Electric Rate Case – On Nov. 14, 2008, PSCo, filed with ColoradoPublic Utilities Commission (CPUC) a request to increase Colorado electric ratesby approximately $174.7 million, or 7.4 percent.