DTE Energy Co.#s $675 Million Equity Units Rated #BBB-#

Stocks and Financial Services Press Releases Wednesday October 5, 2016 08:41
NEW YORK--5 Oct--S&P Global Ratings

NEW YORK (S&P Global Ratings) Oct. 4, 2016--S&P Global Ratings today assigned its 'BBB-' rating to DTE Energy Co.'s $675 million 2016 series C equity units due Oct. 1, 2024. The equity units consist of a purchase contract that obligates the owner to purchase DTE Energy's common stock in October 2019 and a remarketable debenture. DTE Energy plans to use the proceeds from the issuance to fund a portion of its proposed acquisition of midstream energy assets.

We view these hybrid securities as having high (100%) equity content. The rating on the equity units applies to the company's obligation to service the underlying debt component, as well as its obligation to issue common shares under the forward contract. Under our criteria, we rate these securities 'BBB-', two notches below our 'BBB+' issuer credit rating on DTE Energy.

For the corporate credit rating rationale, see the research update on DTE Energy published Sept. 27, 2016.

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