...September 22, 2020 NEW YORK (S&P Global Ratings) Sept. 22, 2020--S&P Global Ratings today assigned its '###-' issue-level rating to Detroit-based DTE Energy Co.'s (DTE) junior subordinated debentures due Oct. 15, 2080. We rate these securities '###-', two notches below our '###+' issuer credit rating on DTE. Our '###-' issue-level rating reflects the debentures' subordination and the company's ability to defer interest payment on the debentures. We are assigning intermediate equity content (50% equity) to the junior subordinated debentures based on the proposed terms and our criteria, reflecting the instrument's permanence, subordination, and deferability features. The security's long-dated nature, along with the company's limited ability and lack of incentives to redeem them for a long-dated period, meets our standards for permanence. In addition, the interest payments are deferrable, which fulfills the deferability element. The instruments are also subordinated to all of DTE's existing...
