The ratings on DTE Energy reflect its consolidated credit profile. The ratings also reflect DTE's 'strong' business risk profile and 'significant' financial risk profile. DTE's subsidiaries include the utility businesses of Detroit Edison Co. and Michigan Consolidated Gas Co. (MichCon) and the non-utility segments consisting of gas midstream, unconventional gas production, power and industrial projects, and energy trading. As of Sept. 30, 2009, DTE had about $8.2 billion of total debt outstanding. Based on the combination of future earnings, cash flow, and capital expenditures, we currently view DTE as about 75% utility and 25% non-utility. The strong business risk profile reflects the credit quality of DTE's non-regulated businesses and the further deterioration of the Detroit area economy, partially offset by
