November 19, 2017

Fitch Rates DTE Electric Co.'s $700MM General & Refunding Mtge Bonds 'A'; Outlook Stable Ratings Endorsement Policy

June 24, 2014

Fitch Ratings has assigned a rating of 'A' to DTE Electric Company's (DECo) $700 million issuance of general and refunding mortgage bonds comprising $350 million 10-year, 2014 series D mortgage bonds due March 1, 2025 and $350 million 30-year, 2014 series E mortgage bonds due July 1, 2044. The mortgage bonds will rank pari passu with DECo's existing secured mortgage debt.

Proceeds from the issuance will be used to repay $460 million of DECO's existing secured debt including $200 million 5.4% first mortgage bonds (FMB) due Aug 1, 2014, $200 million of 4.8% FMBs due Feb 15, 2015, $60 million of 5.25% of tax-exempt revenue refunding bonds due Aug. 1, 2029, and the remainder for general corporate purposes. The Rating Outlook for DECo is Stable.

Stable Outlook: DECo's Outlook reflects Fitch's expectations of stable earnings and cash flows throughout the forecast period due to DECo's regulated utility operations and a constructive regulatory environment in Michigan.

Click here to read the full press release.