Summary: CMS Energy Corp.

Steady operating cash flow from lower-risk regulated utilities Effective management of regulated risk, leading to generally constructive rate case outcomes Economic improvement within the company's regulated service jurisdiction A strategy predicated on the growth of its lower-risk regulated utilities Some non-utility operations, including power projects and a bank Elevated debt leverage due to holding company debt Weaker cash flow measures Debt to EBITDA expected to exceed 4.5x Capital spending over $1 billion per year Negative discretionary cash flow results in external funding needs Our stable rating outlook on CMS Energy Corp. reflects our expectation that management will continue to focus on its core utility operations and reach constructive regulatory outcomes to avoid any meaningful rise in business risk. The outlook

...Outlook: Stable Our stable rating outlook on CMS Energy Corp. reflects our expectation that management will continue to focus on its core utility operations and reach constructive regulatory outcomes to avoid any meaningful rise in business risk. The outlook also reflects our base case forecast level of adjusted funds from operations (FFO) to debt from 14% to 15%, in line with the current "significant" financial risk profile....

Summary