...NEW YORK (S&P Global Ratings) Nov. 13, 2017--S&P Global Ratings said today it assigned its '###-' rating to DTE Energy Co.'s (DTE) 2017 series E junior subordinated debentures due Dec. 1, 2077. The securities are classified as hybrids with intermediate (50%) equity content. They are now rated two notches below S&P Global Ratings' '###+' long-term issuer credit rating on DTE, reflecting the instrument's subordination and the company's ability to defer interest payments. Intermediate equity treatment is premised on the instrument's permanence, deferability, and subordination features as defined under our criteria for hybrid securities. The security's 60-year maturity, along with its 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 debentures' ranking is unsecured and subordinated to all senior debt obligations, thereby satisfying...
