Michigan Consolidated Gas Co. Dec 10
Standard & Poors, December 2010
Abstract
Regulated gas utility; Decreased regulatory risk; and Improved financial measures. Relatively weak service territory with limited customer growth; and Association with DTE's higher-risk energy trading business. The ratings on Michigan Consolidated Gas Co. (MichCon) reflect DTE Energy Co. (DTE) consolidated credit profile. The ratings also reflect MichCon strong business risk profile and DTE's significant financial risk profile. DTE's rate regulated utilities include Detroit Edison Co. (DE) and 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%...
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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