Standard&Poor's Ratings Services' 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 operations in gas midstream, unconventional gas production, power and industrial projects, and energy trading. 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 lower-risk, monopolistic, essential, and regulated electric and gas utility businesses, which are offset by the its mix of non-utility businesses. The lack of long-term predictable and stable cash flows from
