Attorney General Eric Holder speaks at the Justice Department in Washington, Tuesday, Feb. 5, 2013. The U.S. government accused Standard & Poor's of inflating ratings on mortgage investments to boost its bottom line, taking aim at a key player in the run-up to the financial crisis. (AP Photo/Jacquelyn Martin)
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Attorney General Eric Holder speaks at the Justice Department in Washington, Tuesday, Feb. 5, 2013. The U.S. government accused Standard & Poor's of inflating ratings on mortgage investments to boost its bottom line, taking aim at a key player in the run-up to the financial crisis. (AP Photo/Jacquelyn Martin)
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FILE - This Oct. 9, 2011 file photo shows 55 Water Street, home of Standard & Poor's, in New York. S&P said Monday, Feb. 4, 2013, the U.S. government is expected to file civil charges against Standard & Poor's Ratings Services, alleging that it improperly gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis. The charges would mark the first enforcement action the government has taken against a major rating agency involving the worst financial crisis since the Great Depression. (AP Photo/Henny Ray Abrams, File)
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FILE - In this April 10, 2012 file photo, a McGraw-Hill Companies building is shown in New York. Standard & Poor's, a division of McGraw-Hill, says the government plans to file a lawsuit alleging wrongdoing by the agency when it gave high ratings to mortgage-backed securities that later plunged in value and fueled the 2008 financial crisis. S&P said Monday, Feb. 4, 2013, that it has been told by the Department of Justice that it intends to file a civil lawsuit focusing on S&P's ratings on some mortgage-backed securities in 2007. (AP Photo/Mark Lennihan, File)
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FILE - In this Thursday Nov 22, 2012 file photo, people wait in line for a Best Buy store to open in Northeast Philadelphia. Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. The financial results beat expectations and shares rose more than 6 percent in premarket trading. (AP Photo/Joseph Kaczmarek, File)
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In this Thursday, Feb. 14, 2013 photo, specialist Joe Parisi works at his post on the floor of the New York Stock Exchange, in New York. Disappointing news about Germany's economy sent Asian stock markets down on Friday, Feb. 15, 2013. (AP Photo/Richard Drew)
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A Facebook worker waits for friends to arrive outside of Facebook headquarters in Menlo Park, Calif., Friday, Aug. 17, 2012. Facebook stock is trading at $19 and has lost half its market value since its May public offering. (AP Photo/Paul Sakuma)
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German tourists who use Facebook, take pictures outside of Facebook headquarters in Menlo Park, Calif., Friday, Aug. 17, 2012. Facebook stock is trading at $19 and has lost half its market value since its May public offering. (AP Photo/Paul Sakuma)
Moody's upgrades rating on CMS Energy Corp
NEW YORK (
AP) —
Moody's Investors Service on Friday upgraded its ratings for
CMS Energy Corp., citing the energy company's improved financial position.
The rating agency bumped CMS's long-term ratings up one notch to "Baaa3" from "Ba1", moving it into investment grade territory. The rating outlook is stable.
Moody's Vice President Scott Solomon said that while the Jackson, Mich.-based company's debt level remains significant, a favorable regulatory environment has allowed the utility to increase its infrastructure investment while producing consistent financial results. Legislation passed in 2008 in Michigan streamlined the process for rating cases.
Moody's said the upgrade reflects the company's strong recent financial performance.
The agency said that CMS' rating is constrained at its current level by the high debt level, an estimated $2.4 billion.
The company's stock rose 9 cents to $27.44. It is up 12.6 percent for 2013.
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