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Fitch applies BBB- to CMS Energy notes
Fitch Ratings said it assigned a BBB- rating to CMS Energy Corp.’s $250 million issuance of senior unsecured notes.
The 3.6% 10-year notes mature Nov. 15, 2025, and will rank pari passu with CMS' existing unsecured debt.
Net proceeds will be used for general corporate purposes.
The low-risk regulated electric and natural gas utility operations of CMS' subsidiary, Consumers Energy Co., contribute greater than 95% of CMS' consolidated EBITDA. Fitch expects Consumers to remain CMS' lone core business and primary driver of consolidated growth over the long-term. Consumers' rate base is expected to grow to about $16.5 billion at the end of 2019 from approximately $12 billion at the end of 2014, further strengthening CMS' consolidated earnings mix.
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