The ratings on DTE Energy Co. (DTE) reflect its consolidated credit profile, including its strong business risk profile and significant financial risk profile. DTE's subsidiaries are Detroit Edison Co. (DE) 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 Sept. 30, 2010, DTE had about $8 billion of total debt outstanding. Based on the combination of future earnings, cash flow, capital expenditures, and credit risk, 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 DTE's mix of non-utility businesses, specifically the increased credit risk from the energy trading
