Regulated electric and gas operations account for over three-quarters of the credit profile, Regulatory risk is managed relatively well, aided in part by jurisdictions with credit-supportive regulatory environments, Service territory is large and diverse, with largely attractive markets and growth prospects, and A large and efficient regulated power generation fleet, with well-managed nuclear and coal plants affording some fuel diversity and providing for competitive rates. Significant capital spending to address environmental and growth needs will pressure the financial profile and necessitate regular and timely recovery of expenses to support credit quality, Unsettled regulatory issues in Indiana and Ohio that will dampen credit quality until resolved, and International and wind power development activities that increase business risk. The ratings on Duke
