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OGE Energy Corp.'s ratings reflect the low business risk profile of its core regulated utility, Oklahoma Gas and Electric Company (OG&E), and the generally balanced rate regulation in Oklahoma, despite a measure of uncertainty due to recent regulatory developments. Elevated capex at OG&E is likely to pressure headroom in credit metrics at OGE and OG&E over the forecast period, leaving little cushion to absorb untoward developments. ���������ֳ� estimates funds from operations leverage for OGE to average 4.8x during 2024-2026 and 4.1x for OG&E, levels consistent with the companies' current ratings.