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Fitch gives DTE Energy notes BBB
Fitch Ratings said it assigned a rating of BBB to DTE Energy Co.’s (BBB) $300 million issuance of seven-year senior unsecured notes due June 15, 2022.
The senior unsecured notes will rank pari passu with existing unsecured debt.
Proceeds will be used for general corporate purposes.
The outlook is stable.
Fitch said the rating of DTE reflects the stable earnings and cash flows of its two regulated utility subsidiaries, DTE Electric Co. (DECo; BBB+, stable) and DTE Gas Co. (DTEGas; BBB+, stable). DECo is the primary driver of consolidated cash flows and estimated 72% of consolidated EBITDAR for the latest 12 months (LTM) ending March 31.
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