S&P reports on CMS Energy’s liquidity

NEW YORK, April 10, 2003 — The liquidity position of CMS Energy Corp. (BB/Negative/–) and its primary operating subsidiary, Consumers Energy Co. (BB/Negative/–), moderately improved in recent weeks, according to a report published by Standard & Poor’s Ratings Services.

The companies raised $1.4 billion in various financings (split $850 million at the parent and $550 million at the regulated utility), which along with expected asset sale proceeds, will address financing requirements through the third quarter of 2004.

“Along with the pending sale of its CMS Panhandle Pipeline unit, the company has effectively improved its liquidity position and lengthened out its debt maturity schedule. This affords the company some time to focus on its longer-term strategic initiatives of deleveraging and strengthening its core operations,” said Standard & Poor’s credit analyst William Ferara.

The report, titled “CMS Energy Improves Its Liquidity Position,” is available on RatingsDirect, Standard & Poor’s Web-based credit research and analysis system. Members of the media may obtain copies of the full report by contacting Gregg Stein at (1) 212-438-1730 or by E-mail at gregg_stein@standardandpoors.com.

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