(Reuters) - "CMS's regulated operations provide a significant amount of operating income and cash flow and have a sound business profile," S&P said. "The utility is characterized by constructive regulation, good current liquidity after recent asset sales and a back-to-basics management focus."
Those strengths are partly offset by the company's significant electric generation capacity needs over the near term, and well over $1 billion in parent debt, S&P said.
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