Majority of the consolidated cash flow comes from more predictable regulated lower-risk electric and gas regulated businesses Pipelines and power projects are managed in a credit-supportive manner Higher risk energy trading is under 5% of consolidated company Debt leverage, as measured by debt to EBITDA, expected to exceed 3.5x Cash flow to debt measures toward middle of "significant" financial risk profile Annual capital spending of over $2.3 billion Ongoing dividend payments Negative discretionary cash flow resulting in external funding needs The stable rating outlook on DTE Energy Co. reflects our expectation that management will continue to maintain its "excellent" business risk profile by focusing on core utility operations and reaching constructive regulatory outcomes, while not disproportionately expanding the nonutility operations.
