ENGLEWOOD (S&P Global Ratings) Oct. 29, 2026-- S&P Global Ratings today assigned its'BBB-'issue-level rating to Jackson, Michigan-based CMS Energy Corp. ’s proposed fixed-to-fixed-reset rate junior subordinated notes due in July 1, 2057. The rating is two notches below our'BBB+'issuer credit rating on CMS, reflecting the notes'subordination and the company’s ability to defer interest payments on the instruments. We assigned intermediate equity content (50% equity) to the junior subordinated notes, reflecting the instrument’s permanence, subordination, and deferability features. We will reclassify the notes as having no equity content after July 1, 2037, when less than 20 years remain until maturity. The long-term nature of the notes, along with CMS Energy’s limited ability and lack of incentives
