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23.10.2012 23:14

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DTE Energy Center, LLC -- Moody's upgrades DTE Energy Center to Ba2 and revises outlook to positive

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Approximately $200 million of bonds affected

New York, October 23, 2012 -- Moody's Investors service has upgraded the rating of DTE Energy Center, LLC's (DTEEC), approximately $200 million of senior secured bonds ($244 million original issue) due 2024 to Ba2 from Ba3 and revised the outlook for DTEEC to positive from stable.

RATINGS RATIONALE

The rating action recognizes the continued improvement in the financial and operational performance of Chrysler Group LLC (Chrysler: B2 CFR, Ba2 senior secured, positive), DTEEC's only customer and sole source of revenues. The recommendation also reflects the consistent, stable and predictable financial performance demonstrated by DTEEC before, during and after the Chrysler restructuring which illustrates the essential nature of the production support systems and services that DTEEC provides to Chrysler as well as the resiliency of its contractual arrangements. The Ba2 rating considers that as an operating expense, Chrysler's payments under its service agreements are generally made prior to payment of Chrysler's own debt service obligations.

The Ba2 rating further recognizes that Chrysler's obligations under its service agreements with DTEEC remain guaranteed by Daimler North America Corporation (DNAC), the North American subsidiary of Daimler AG (Daimler: A3, senior unsecured); however the impact of this guarantee on the rating is muted by its indirect nature and recognition of the fact that Daimler no longer has an economic interest in Chrysler.

Throughout the economic downturn of 2008-2009, which ultimately led to severe financial stress and the restructuring of Chrysler, as well as during Chrysler's more recent recovery, DTEEC's financial condition remained stable with debt service coverage ratios consistently in the range of 1.60 times. This stability is the result of contractual arrangements that insulate DTEEC from factors outside of its control, namely, the state of the economy and its impact on automobile production levels. That said, we also view the strengthening credit profile of Chrysler as supportive of DTEEC. As noted in Moody's September 28, 2012 Chrysler Credit Opinion, Chrysler has made notable operational and financial progress during the past two years as evidenced by growth in US and Canadian market share, continued product renewals, improvement in vehicle quality and competitiveness, and strengthening credit metrics.

The outlook for DTEEC is positive, consistent with the positive outlook for Chrysler and an assumption of continued solid operating performance and contractual protections. In the event Chrysler's ratings were to be upgraded, DTEEC's rating would also likely be upgraded. The positive outlook acknowledges that Chrysler has currently idled one of the production facilities serviced by DTEEC. Although it is not clear at this point if or when the plant may ultimately be returned to service, the positive outlook assumes payments to DTEEC will continue to be made in accordance with its contract therefore mitigating any impact to DTEEC.

Headquartered in Ann Arbor, MI, DTEEC is owned 50% by subsidiaries of DTE Energy Company (DTE: Baa2 senior unsecured, positive) and 50% by Sterling Energy Holdings Inc., a joint venture of The Goldman Sachs Group, Inc. and Commerzbank AG. DTEEC is a special purpose company created to own and operate various utility-related assets (Utility Assets) used in certain manufacturing processes of Chrysler Group LLC, (Chrysler: B2 CFR, Ba2 senior secured, positive - (successor to Chrysler LLC). The assets are located within eight of Chrysler's manufacturing facilities in the Midwest and provide critical support services for vehicle, part, and component manufacturing operations.

The principal methodology used in this rating was Generic Project Finance Methodology published in December 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following : parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Laura Schumacher VP - Senior Credit Officer Project Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653A.J. Sabatelle Senior Vice President Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

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NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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Analysen zu DTE Energy Co.

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  • Alle
  • Buy
  • Hold
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13.07.10DTE Energy neutralUBS AG
26.10.06Update DTE Energy Co.: UnderperformCredit Suisse
19.01.06Update DTE Energy Co.: HoldDeutsche Securities
18.01.06Update DTE Energy Co.: Equal weightLehman Brothers
02.06.05Update DTE Energy Co.: Equal-weightMorgan Stanley
Keine Nachrichten im Zeitraum eines Jahres in dieser Kategorie verfügbar.
Eventuell finden Sie Nachrichten die älter als ein Jahr sind im Archiv
13.07.10DTE Energy neutralUBS AG
19.01.06Update DTE Energy Co.: HoldDeutsche Securities
18.01.06Update DTE Energy Co.: Equal weightLehman Brothers
02.06.05Update DTE Energy Co.: Equal-weightMorgan Stanley
11.01.05Update DTE Energy Co.: NeutralBanc of America Sec.
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für DTE Energy Co. nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"

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