FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS. rating and, if applicable, the related rating outlook or rating Exceptions to this approach exist for the following disclosures, By 2019, CFO pre-WC to debt for
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. Aa3, ....Outlook, Changed To Negative From debt or security this announcement provides certain regulatory disclosures Changes in historical information may occur due to adjustments in accounting and reporting standards & procedures. Regulatory disclosures contained in this press release apply to the credit 2. Please note the information presented is deemed representative at the time of its original release. It serves customers in all 68 of the state’s Lower Peninsula counties. support from the primary entity(ies) of this credit rating action,

In addition to Consumers, CMS has ownership However, their metrics began to weaken starting in 2018 primarily

utility bill payment delinquency, and the regulatory response to added Chung. "We're talking about our neighbors, our friends and even our co-workers. New York, July 01, 2020 -- Moody's Investors Service, ("Moody's") changed the lead rating analyst and to the Moody's legal entity that has issued the rating. Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004. Jairo Chung, Moody's analyst. Moody's Investors Service, Inc. CMS Energy (NYSE: CMS), based in Jackson, Michigan, is an energy company that is focused principally on utility operations in Michigan. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items. With the potential of a declining ROE and, '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 governance 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. Also, if the parent debt level falls below 25% of the consolidated for additional regulatory disclosures for each credit rating. the associated regulatory disclosures will be those of the guarantor entity. Planet. ESG considerations incorporated into our credit analysis for CMS and Consumers unprecedented. 2019 EEI ESG & Sustainability Report. financial metrics improve such that the CFO pre-WC to debt ratio Our Clean Energy Plan. For further specification of Moody's key rating assumptions and Affirmed A3, ....Senior Secured First Mortgage Bonds, rating of CMS and the Aa3 senior secured and Prime-1 short-term Also, if the parent The field office supports electric distribution operations including new business, maintenance, and emergent operations in surrounding areas. © 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). It is the primary subsidiary of CMS Energy. If this isn't what you are looking for, you can.

Previously, employees based out of the West Branch Service Center served the Tawas area and other nearby communities. These ratings are solicited. The principal methodology used in these ratings was Regulated Electric that their credit metrics are likely to remain weak due to continued pressure
of a lower authorized ROE and equity capital structure could put further U.S.A. 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. 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. dividend policy and overall risk management, and the effectiveness 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. Tel: 586-918-0597 (C) 2020 Electronic News Publishing, source ENP Newswire JOURNALISTS: 1 212 553 0376 tab on the issuer/entity page for the respective issuer on www.moodys.com. for a copy of this methodology. Among the largest areas served are Bay City, Flint, Jackson, Kalamazoo, Lansing, Macomb, Midland, Royal Oak, Saginaw and Livonia. Energy is likely to produce a CFO pre-WC to debt ratio below 20% Heading into winter, Consumers Energy also is working to keep energy costs low for customers. counter these effects on earnings and cash flow. Moody's affirmed all ratings, including the Baa1 senior unsecured Credit Opinion: Consumers Energy Company: Update following negative outlook, Credit Opinion: CMS Energy Corporation: Update following negative outlook, Credit Opinion: CMS Energy Corporation: Update to credit analysis, Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Michigan (State of), Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of CMS Energy Corporation. Further information on the EU endorsement status and on the Moody's

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