On Nov. 7, 2003, Standard&Poor's Ratings Services affirmed its 'BBB+/A-2' corporate credit rating on DTE Energy Co. and its subsidiaries and revised the outlook to negative from stable. The outlook change incorporated DTE Energy's downward revision in operating cash flow caused in large part by decreased earnings contribution from its regulated units Detroit Edison Co. and Michigan Consolidated Gas Co. (MichCon), which is straining consolidated credit protection measures. Stemming the cash flow deterioration from DTE's regulated units is highly dependent on favorable resolution of regulatory issues in 2004. Satisfactory outcomes in pending rate proceedings, combined with cost containment, continued debt reductions, and contributions from nonregulated ventures commensurate with the risk assumed are important milestones to achieving credit stability
