The ratings on DTE Energy Co. reflect its consolidated credit profile, including its 'strong' business risk profile and 'significant' financial risk profile. DTE's businesses include the regulated utility subsidiaries of Detroit Edison Co. and Michigan Consolidated Gas Co. (MichCon) and the non-utility businesses of gas midstream, unconventional gas production, power and industrial projects, and energy trading. As of March 31, 2010, DTE had about $8 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 company's reduced regulatory risk offset by the deterioration of the Detroit/Michigan economy and DTE's mix of non-utility businesses. The company's
