Correction: Fitch Rts DTE Energy's $1.7B Shelf `BBB+';Affs Detroit Ed & MCN.

Business Editors

(In a release from earlier today, Fitch inaccurately stated the

medium-term notes & reset put securities of MCN Energy

Enterprises (MCNEE) as `BBB+'. The rating should be `BBB')

NEW YORK--(BUSINESS WIRE)--May 17, 2001

Fitch has assigned a rating of `BBB+' to DTE Energy Company's (DTE) $1.7 billion shelf registration of debt securities.

Net proceeds from the expected sale of $1.35 billion of debt securities are to be used to fund the cash portion of the DTE merger with MCN Energy Group Inc. (MCN). Fitch also rates DTE's commercial paper program `F2'. The debt securities will be senior unsecured obligations of DTE, ranking equally with two issues of remarketed notes aggregating $400 million originally issued by DTE Capital Corporation. The remarketed notes were assumed earlier this year by DTE Energy and are also rated `BBB+'. The Rating Outlook for the company is Positive, reflecting Fitch's expectation that DTE will successfully integrate the acquired businesses and will gradually reduce parent leverage. Fitch also affirms ratings of Detroit Edison, and the Rating Outlook for Detroit Edison remains Positive. Ratings affirmed are:

-- First mortgage bonds, general and refunding mortgage bonds,

remarketed secured notes, and secured medium term notes `A-';

-- Senior unsecured debt (implied) `BBB+';

-- Preferred stock, junior subordinated debentures (QUIDS) `BBB';

-- Commercial paper `F2'.

Ratings of DTE and Detroit Edison anticipate the consummation of the merger and the additional debt DTE will incur to fund the transaction. Currently, upstream dividends from Detroit Edison provide DTE ample cash flow to cover interest on DTE parent debt. Following the merger, DTE Energy is expected to derive roughly 70% of 2002 net income from Detroit Edison, 17% from MichCon, and 13% from the combined portfolio of non- regulated businesses.

DTE and MCN's revised merger agreement calls for DTE to acquire all outstanding shares of MCN for $2.24 billion in a combined cash and stock transaction and to assume approximately $1.6 billion of MCN consolidated debt. MCN's outstanding debt has been reduced by the proceeds of asset sales. The merger, expected to close by May 31, 2001, received FTC approval earlier this year, and now awaits SEC authorization of the amended merger agreement.

Upon acquisition, MCN Energy will become a direct wholly-owned subsidiary of DTE Energy and will be renamed DTE Enterprises. DTE Enterprises will be an intermediate holding company, with its principal cash flows derived from upstream dividends from its wholly owned subsidiary Michigan Consolidated Gas Co. MichCon's gas and Detroit Edison's electric distribution businesses are overlapping or contiguous, and management plans to reduce operating expense and enhance operating capabilities through consolidation. MichCon's gas distribution business is relatively low-risk and is expected to produce reasonably stable and predictable annual upstream dividend flows despite significant seasonal variations. Another subsidiary of DTE Enterprises will be MCN Energy Enterprises Inc. (MCNEE), holding company for the non-regulated business ventures of MCN. Anticipating consummation of the merger, Fitch affirms the ratings and Stable Outlook of the MCN group as follows:

MCN Energy (to become DTE Enterprises)

-- Senior unsecured debt `BBB+';

-- Subordinated debt shelf registration `BBB';

MCN Financing Trusts I, II, and III & MCN Michigan LP

-- Preferred securities `BBB';

Michigan Consolidated

-- First mortgage bonds, secured term notes, and mandatory put

remarketable securities 'A';

-- Commercial paper `F1'.

MCNEE

-- Medium-term notes and reset put securities `BBB';

-- Commercial paper `F2'.

DTE is a holding company whose largest subsidiary is Detroit Edison Company, a regulated electric utility, that serves approximately 2.1 million electric customers in Southeastern Michigan.