The preliminary ratings assigned to WEPCo Environmental Trust Finance I LLC's tranche A environmental trust bonds series 2021 reflect: The trust's structure and the issuing entity's irrevocable and nonbypassable right to impose, collect, and receive environmental control charges; The proceeds of the environmental control charges; and The rights to obtain routine and nonroutine periodic adjustments to the environmental control charges, according to the finance order and the servicing agreement, from Wisconsin Electric Power Co.'s (WEPCO) retail electric delivery service customers. WEPCO or Wisconsin Electric, the seller, is a fully regulated public utility providing electric and natural gas distribution service in Wisconsin. The nonbypassable charges are adjusted periodically, based on updated assumptions to various factors, such as energy usage and charge-off