Continued Commitment to a Strong Balance Sheet
- DTE Energy’s commitment to a strong balance sheet and cash flow remains constant
- Management is committed to maintaining a solid investment grade rating
- We continue to target a “high BBB” (S&P) credit rating for both the utilities and the holding company. This translates into a 50-55% leverage target and strong interest coverage
- In 2001, due to the MCN merger, leverage moved from the lower end of our target to the upper end. We are committed to reducing leverage in 2002 through internal cash flow and capital expenditure discipline
- We will retain our current policy of holding dividends at $2.06 per share and reducing the payout ratio through earnings growth