...- We expect Jackson, Mich.-based CMS Energy Corp. and principal subsidiary Consumers Energy Co. (CE) to operate with financial measures consistently above our downgrade threshold despite less than favorable regulatory outcomes in recent electricity rate case proceedings. - We affirmed our ratings on CMS, including our '###+' issuer credit rating, '###' issue-level rating on its senior unsecured debt, 'A-2' short-term issuer credit rating, and '###-' issue-level rating on its junior subordinated debt. - At the same time, we affirmed our ratings on CE, including our 'A-' issuer credit rating, 'A' issue-level rating and '1+' recovery rating on its senior secured debt, and 'A-2' issue-level ratings on its commercial paper. We view CE as an insulated subsidiary of CMS. - The stable rating outlook on CMS largely reflects our expectation that management will continue focusing on its core utility operations, reach constructive regulatory outcomes, and maintain consolidated funds from operations...
