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Moody's ups CMS Energy, rates loan Ba3
Moody's Investors Service said it upgraded the ratings of CMS Energy Corp., including its senior implied rating to Ba3 from B2, senior unsecured debt to B1 from B3, subordinated debt to B3 from Caa2 and preferred stock to Caa1 from Ca. Moody's also upgraded CMS' speculative grade liquidity rating to SGL-2 from SGL-3.
In addition, Moody's assigned a Ba3 rating to CMS' $300 million secured bank credit facility. The outlook is stable.
Moody's said the upgrade reflects continued debt reduction at the parent level, a lower business risk profile following the divestiture of a number of non-regulated businesses, a narrower focus for its operations in the U.S. on its lower risk regulated utility subsidiary and a meaningful improvement in the liquidity profile of the parent company.
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