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Fitch assigns DTE notes BBB
Fitch Ratings said it assigned a rating of BBB to DTE Energy Co.'s (issuer default rating BBB) $350 million issuance of 3.5% 2014 series C 10-year senior unsecured notes due June 1, 2024.
The senior unsecured notes will rank pari passu with existing unsecured debt.
Proceeds will be primarily used to repay $300 million of DTE' s 7.625% senior notes maturing on May 15, 2014 and the remainder for general corporate purposes.
The outlook is stable.
Fitch said key rating drivers include: constructive regulatory environment; over 90% of consolidated earnings are derived from regulated activities; large but manageable capex program including environmental upgrades at coal plants; sufficient liquidity; and improving service area economy.
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