Michigan Consolidated Gas Co. Jun 10
Standard & Poors, June 2010
Abstract
A mostly electric and gas regulated utility; Decreased regulatory risk; and Improved financial measures. Economic deterioration of its regulated service territory; and Increased risk exposure due to some of the non-utility activities. The ratings on Michigan Consolidated Gas Co. (MichCon) reflect the consolidated credit profile of parent DTE Energy Co., including its 'strong' business risk profile and 'significant' financial risk profile. DTE's businesses include the regulated utility subsidiaries of Detroit Edison Co. and 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...
Companies mentioned in this report are: Michigan Consolidated Gas Co.,DTE Energy Co.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Michigan Consolidated Gas Co.,DTE Energy Co.
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