Summary: DTE Energy Co.

Majority of the consolidated cash flow comes from more predictable regulated lower-risk electric and gas regulated businesses Higher risk energy trading is under 5% of consolidated company Longer-term uncertainty regarding electric customer choice in Michigan Debt leverage as measured by debt to EBITDA expected to exceed 3.5x Cash flow to debt measures toward middle of "significant" financial risk profile Annual capital spending over $2 billion Ongoing high dividend payments Negative discretionary cash flow resulting in external funding needs The positive outlook on the ratings reflects the probability that the company's core financial measures improve to the higher end of the range for the "significant" financial risk profile category. The outlook also assumes that the company will maintain its "excellent" business

...Majority of the consolidated cash flow comes from more predictable regulated lower-risk electric and gas regulated businesses...

Summary