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Fitch assigns DTE notes BBB
Fitch Ratings said it has assigned a rating of BBB to DTE Energy Co.'s $300 million 7.625% senior notes due May 15, 2014.
The notes are senior unsecured obligations of the company and rank pari passu with other senior unsecured indebtedness, Fitch said, adding that proceeds from the sale will be used to repay short-term borrowings.
The outlook is negative.
The agency added that the company's ratings reflect the company's ownership of two regulated utilities, which provide stable cash flows and benefit from favorable operating characteristics, a more conservative business strategy that is focused on utility rate base growth, and a constructive regulatory environment in Michigan.
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