Today, credit rating agencies rate companies, countries and bonds.

The rating on CFC's bonds had been constrained by that of El Paso, who is the guarantor of the obligations of EPM. Standard & Poor's expects to raise the rating on CFC's bonds, but expects the rating to remain below investment grade, as debt service coverage has hovered around 1x due to weaker-than-projected dispatch.

Reforming PERA will strengthen and improve Colorado's all-important long term standing with credit rating agencies.

We have new rules that give shareholders the ability to vote on executive compensation. We have new rules for asset-backed securities. We have new rules around credit rating agencies.

If the rating agencies downgrade this across the board ... that could have an impact on the earnings,

Michigan is also the only industrial state that has a AAA credit rating.