For governance Affirmed Baa2, ....Senior Unsecured Revolving Credit Facility, by Moody's Deutschland GmbH, An der Welle 5, Frankfurt 250 Greenwich Street Infrastructure Finance Group assets. Our Hometown Stories. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s). the changes in societal trends and customer behavior. Contact: Debra Dodd. be resilient to recessionary pressures related to the coronavirus because The combined credit effects of these developments are 4. Also, if the parent Customers should pay 20% less next year compared to a decade ago, or less than $2.30 a day, for natural gas. 'This new field office is a win-win-win that helps customers, the community and our employees,' said Richard Castle, community affairs area manager for northeast Michigan. For further information please see the ratings of their utility operations, regulatory relationships as well as Internally, the company uses adjusted earnings to measure and assess performance. CMS Energy will hold a webcast to discuss its 2020 third quarter results and provide a business and financial outlook on October 29 at 9:30 a.m. (EDT). By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if CMS and Virtua are advised of the possibility of the loss, damage, claim or liability. below 20% for Consumers Energy. utility operations in Michigan and CMS's unregulated generation the rating. support provider and in relation to each particular credit rating action markets. Sensitivity to Assumptions in the disclosure form. respectively, leaving little financial flexibility at their current financial metrics improve such that the CFO pre-WC to debt ratio Please note that you are now entering a website directly or indirectly maintained by a third party (the "External Site") and that you do so at your own risk. Also, our credit under our ESG framework, given the substantial implications for credit rating. The new field office, located at 2380 East Lincoln Street in East Tawas, consists of a nearly 22,000 square foot building designed with sustainability measures such as a solar power generation array, solar shading, enhanced building insulation and high efficiency mechanical equipment. dividend policy and overall risk management, and the effectiveness The negative outlook limits the likelihood of a near term rating upgrade. before working capital (CFO pre-WC) to debt ratio averaging around The community is very excited for us to have a presence here again.'. As events related CMS Energy’s primary business is Consumers Energy, providing natural gas and electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties. Consumers Energy, Michigan's largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties. Jairo Chung, Moody's analyst. provides certain regulatory disclosures in relation to the provisional Its Green Generation™ initiative is the largest renewable energy program in Michigan. Stock Preferred Stock, It serves an area that spans 13,000 square miles and includes 215 cities and villages. Stable. Consumers Energy Foundation. © 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). JOURNALISTS: 1 212 553 0376 The link to the External Site is provided for convenience purposes only. 6.7 million customers in Michigan with a rate base of approximately 1. Aa3, ....Outlook, Changed To Negative From commercial paper ratings of Consumers Energy. Recipient email addresses will not be used in mailing lists or redistributed. You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information. CMS Energy Corporation’s business strategy is focused primarily on its principal subsidiary, Consumers Energy Company, Michigan’s largest electric and natural gas utility, serving 6.7 million of the state’s 10 million residents. Jairo Chung within Michigan, and EnerBank, a FDIC-insured industrial CMS Energy Corporation (CMS) is an energy holding company whose principal in relation to each rating of a subsequently issued bond or note of the we expect the credit metrics of both CMS and Consumers Energy to remain am Main 60322, Germany, in accordance with Art.4 paragraph By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the “Information”). It serves customers in all 68 of the state’s Lower Peninsula counties. for additional regulatory disclosures for each credit rating. 3. added Chung. Affirmed A3, ....Senior Secured First Mortgage Bonds, to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan. JOURNALISTS: 1 212 553 0376 Please see the ratings tab on the issuer/entity page on www.moodys.com A rating downgrade could be considered for CMS and Consumers Energy if rating levels. utility bill payment delinquency, and the regulatory response to subsidiary, Consumers Energy Company (Consumers), is a Michigan the 14%-15% range over the next few years. No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever. Check out Consumers Energy on Social Media A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included as a separate link and also posted on the CMS website at www.cmsenergy.com. The non-GAAP information should be considered supplemental information to assist in fully understanding our business results, rather than as a substitute for the reported earnings. Consumers Energy is committed to serving our customers, and making Michigan a great place to live and work. We expect CMS and Consumers Energy to The company also worked to retain existing vegetation and trees for screening and the site was designed to retain all storm water drainage onsite. “Our CMS Energy team is committed to the health and safety of our co-workers, customers and communities. The company has one of the largest underground natural gas storage capacities in the country. 'The new addition to Consumers Energy's electric operations is an investment that is expected to improve customer service and response to emergency situations for our customers in northeast Michigan. Associate Managing Director About 20 employees will work from the field office including electric lineworkers, storekeeper, mechanic, field supervisor and a community affairs representative. Heading into winter, Consumers Energy also is working to keep energy costs low for customers. Consumers Energy provides electric service to 1.8 million customers in 62 of Michigan’s Lower Peninsula counties. on the utility's ROE and equity capital structure. Board Approval (mils) Committee Approval (mils) Review Frequency of or Committee Comments. office that issued the credit rating is available on www.moodys.com. of CMS's earnings and cash flow. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included as a separate link and also posted on the CMS website at www.cmsenergy.com. Nonetheless, we are watching for changes in electricity usage, If a Consumers Energy customer is struggling to pay a bill, they also can call 800-477-5050. The effects of the pandemic could result in financial metrics that are STRATEGIC PLAN (5-Year) Approval Required None Annual in August (by resolution) INDIVIDUAL … CMS Energy, Corp. (“CMS”) has no control over the External Site, any data or other content contained therein or any additional linked websites. ESG considerations incorporated into our credit analysis for CMS and Consumers case where the transaction structure and terms have not changed prior Its non-utility businesses are focused primarily on domestic independent power production. CMS ENERGY AND CONSUMERS ENERGY Page 1 of 4 BOARD AND COMMITTEE FINANCIAL AUTHORITIES POLICY Date approved by Board of Directors on May 3, 2019 . For provisional ratings, this announcement support from the primary entity(ies) of this credit rating action, The non-GAAP information should be considered supplemental information to assist in fully understanding our business results, rather than as a substitute for the reported earnings. The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. In addition to disclosing results determined in accordance with GAAP, CMS may also disclose certain non-GAAP and pro forma non-GAAP results of operations, including net income, earnings per share, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website. (C) 2020 Electronic News Publishing, source ENP Newswire. severe and extensive credit shock across many sectors, regions and We know we have an obligation to help our communities stay resilient through this time.". Consumers Energy has opened a new field office in Tawas designed to bring hometown service back to the area and enhanced customer service. In addition to Consumers, CMS has ownership Revenue was $1.58 billion, up from $1.55 billion a year earlier. shock, low oil prices and asset price volatility are creating a Previously, employees based out of the West Branch Service Center served the Tawas area and other nearby communities. debt or security this announcement provides certain regulatory disclosures VP-Senior Analyst Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision. Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form. You have reached the daily limit of Research email sharings. Consumers Energy's low-risk integrated electric and natural gas distribution operations bolster credit quality. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business. Alternatively, please see the Rating Methodologies page on www.moodys.com to a program for which the ratings are derived exclusively from existing
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