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 its nonutility operations consist of gas midstream, unconventional gas production, power and industrial projects, and energy trading. Based on the combination of future earnings, cash flow, capital spending, and credit risk, we currently view DTE as about 75% utility and 25% nonutility. The strong business risk profile reflects the company's lower-risk, monopolistic, essential, and regulated electric and gas utility businesses, which are offset by its mix of nonutility businesses, in our view. The lack of long-term predictable and stable
