Company: DTK
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000936340-25-000223
Chunk: 27

Company: DTE ENERGY CO
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 3
Chunk 27
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 both external and internal credit assessments when determining the credit quality of trading counterparties.

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Table of Contents

The following table displays the credit quality of DTE Energy's trading counterparties as of September 30, 2025:

Credit ExposureBefore CashCollateralCashCollateralNet CreditExposure(In millions)Investment Grade(a)A- and Greater$371 $— $371 BBB+ and BBB289 — 289 BBB-4 — 4 Total Investment Grade664 — 664 Non-investment grade(b)12 — 12 Internally Rated — investment grade(c)384 (3)381 Internally Rated — non-investment grade(d)20 — 20 Total$1,080 $(3)$1,077 

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(a)This category includes counterparties with minimum credit ratings of Baa3 assigned by Moody’s Investors Service (Moody’s) or BBB-assigned by Standard & Poor’s Rating Group, a division of McGraw-Hill Companies, Inc. (Standard & Poor’s).  The five largest counterparty exposures, combined, for this category represented 24% of the total gross credit exposure.

(b)This category includes counterparties with credit ratings that are below investment grade.  The five largest counterparty exposures, combined, for this category represented 1% of the total gross credit exposure.

(c)This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s but are considered investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness.  The five largest counterparty exposures, combined, for this category represented 11% of the total gross credit exposure.

(d)This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s and are considered non-investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness.  The five largest counterparty exposures, combined, for this category represented 1% of the total gross credit exposure.

Other

The Registrants engage in business with customers that are non-investment grade.  The Registrants closely monitor the credit ratings of these customers and, when deemed necessary and permitted under the tariffs, request collateral or guarantees from such customers to secure their obligations.

Interest Rate Risk

DTE Energy is subject to interest rate risk in connection with the issuance of debt.  In order to manage interest costs, DTE Energy may