Fitch Ratings assigned a 'BBB-' rating to WEC Energy Group's junior subordinated notes due 2057, which qualify for 50% equity credit. WEC's IDR remains 'BBB+' with a Stable Outlook. The rating reflects a $47.5 billion capex plan for 2027-2031, driven by data center load growth, and the April 2026 approval of a Wisconsin VLC tariff. Fitch projects FFO leverage averaging 5.0x in 2025-2027, with no headroom against the 5.0x downgrade threshold. Risks include high leverage, customer concentration, and challenging Illinois rate regulation.
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