DTE Energy Co.

S&P Global Ratings' stable outlook on DTE Energy Co. (DTE) reflects the expectation that, even after expanding its pipeline operation, management will continue to maintain its business risk profile by focusing on core utility operations and reaching constructive regulatory outcomes while not disproportionately expanding non-utility operations. The outlook also reflects our base-case scenario expectation that management will maintain credit protection measures in line with our financial risk profile assessment, including adjusted funds from operations (FFO) to debt of around 14%-16%. We could lower ratings if core financial measures consistently underperform our base-case forecast and remain consistently at less credit-supportive levels, including adjusted FFO to total debt below 13%. We could also lower ratings if business risk materially rises as a

...DTE Energy Co. (DTE) benefits from its vertically integrated electric and gas distribution operations.DTE will continue to focus on its regulated utility business growth, while not disproportionately expanding its other businesses. Management continues to demonstrate and indicate its commitment to a strategy that retains its focus on its regulated operations. The effective management of regulatory risk and the favorable Michigan regulatory framework continues to support DTE's credit quality. We expect the company to continue to benefit from the cost recovery mechanisms allowed under the favorable Michigan regulatory framework....

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