Moody's ups CMS notes to Ba1

Moody's Investors Service said it upgraded CMS Energy Corp's senior unsecured notes to Ba1 from Ba3 and its preferred stock to Ba2 from Ba3.

The agency also assigned a rating of Baa3 to the company's $300 million amended and restated secured credit facility due 2012.

The outlook is stable, revised from positive.

"The upgrades reflect significant improvement in [the company's] business and financial risk profile as a result of its recent completion of the sales of its international businesses, its renewed focus on Michigan utility operations, and its implementation of a significant de-leveraging strategy" Laura Schumacher, Moody's vice president and senior analyst, said in a written statement.

The ratings reflect Moody's expectation of improved financial performance as a result of debt reduction and reduced cash flow volatility, the agency said.

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