...NEW YORK (S&P Global Ratings) May 23, 2016--S&P Global Ratings said today it assigned its '###-' long-term issue rating to DTE Energy Co.'s 2016 series B junior subordinated debentures due June 1, 2076. We classify these hybrid securities that the mostly-utility holding company is issuing as having intermediate (50%) equity content. We notch the issue rating down two notches from the '###+' issuer credit rating to reflect the instruments' subordination to more senior obligations and deferability of its interest payment. Intermediate equity treatment is premised on the instrument's permanence, deferability, and subordination features under our criteria for hybrid securities. The 60-year maturity with limited ability and no incentives to redeem the issue meets our standards for permanence. The interest payments are freely deferrable for up to 10 years, fulfilling the deferability element in the criteria. The notes ranking, unsecured and subordinate to all senior debt obligations at DTE Energy,...
