Question-and-Answer Session
Thank you. [Operator Instructions]. Your first question comes from the line of Josh Gordon [ph] with JP Morgan, Please proceed.
Unidentified Analyst
Hi Good morning, just briefly. You touched on your investment grade credit ratings. Standard & Poor's did downgrade you in the quarter, couple of questions. Can you give me some color on the conversations that you've had with the rating agencies, also what metrics do you need to maintain to achieve investment grade ratings? Also given the amount of CapEx plans that you have on deck, would you be willing to let the ratings fall below investment grade?
Robert C. Skaggs Jr. - President and Chief Executive Officer
Thanks Josh. Let me start with the last comment and just make it abundantly clear one more time that we are absolutely committed to investment grade competitive ratings and we have been working diligently to that position. Even as we go forward, this is very ambitious investment program. With the credit rating agencies in the way of color, very candid straight revolving around five-year plan that is very consistent with the earnings outlook that we had projected, the capital programs that we've been talking about, the regulatory and commercial activities that we've tried to share with everybody.
So the agencies were involved in thoroughly reviewing, talking with me personally about that five-year plan and we believe their investment grade... maintaining the investment grade ratings both Standard & Poor's and Moody's reflects their understanding of what we are doing and I think their support of this plan makes sense and is worthy of investment grade ratings for foreseeable future.
Unidentified Analyst
So, you would... it's fair to characterize if there is significant cushion than at the low BBB ratings?
Robert C. Skaggs Jr. - President and Chief Executive Officer
Well, let me start over the macro statement and then I'll turn it over to Mike. We understand that we need to execute in and some of our prepared remarks reflect this plan, particularly 2008 is focused on execution. And we think whether you are looking at earnings, cash, operating results, very ambitious plan and we have to execute. So that's first and foremost. We don't think in terms of broad latitude, we think we need to hit, squarely hit this plan.
Unidentified Analyst
Okay.
Robert C. Skaggs Jr. - President and Chief Executive Officer
Mike, metrics?
Michael W. O'Donnell - Executive Vice President and Chief Financial Officer
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