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Moody's upgrades DTE Energy, subsidiaries
Moody's Investors Service said it upgraded the long rating of DTE Energy Co. and its two subsidiaries.
The outlooks are stable.
In this action, Moody's upgraded DTE Energy's senior unsecured rating to A3 from Baa1 and junior subordinate rating to Baa1 from Baa2; DTE Electric Co.'s issuer rating to A2 from A3, first mortgage bonds to Aa3 from A1 and senior secured rating to Aa3 from A1; and DTE Gas Co.'s first mortgage bonds to Aa3 from A1 and senior secured rating to Aa3 to A1.
Moody's said it upgraded the ratings because Michigan provides a regulatory environment that it believes is above average among in the U.S. in terms of supportiveness to long-term credit quality.
The utilities benefit from enhanced recovery mechanisms such as forward-looking adjustment clauses for the cost of gas, fuel and purchased power, transmission and emissions credits, decoupling mechanisms and a 20-year levelized surcharge (currently set at $3 per month for residential customers) to recover the cost required to comply with the Michigan Renewable Portfolio Standard Rules.
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