NEW YORK (Standard&Poor's) Dec. 13, 2002--Standard&Poor's Ratings Services today revised its outlook for Duke Energy Corp., Duke Capital Corp., and the subsidiaries to negative from stable. All ratings are affirmed. Charlotte, N.C.-based Duke Energy had $22.9 billion in consolidated debt outstanding as of Sept. 30, 2002. "This action reflects the continuous negative developments facing the company in both its regulated and unregulated operations," said Standard&Poor's credit analyst Cheryl Richer. "Of particular concern is a weaker than anticipated economic environment in its service territory which is likely to lessen the cash flow contribution from the regulated electric business and potentially further dampen cash flow from merchant generation," Richer added. Standard&Poor's also expects the
