NEW YORK (Standard&Poor's) July 16, 2002--Standard&Poor's today said it placed its ratings for Duke Energy Corp., Duke Capital Corp. and its other subsidiaries, PanEnergy Corp., Texas Eastern Transmission LP, Westcoast Energy Inc., Union Gas Ltd., and Duke Energy Australia Pty Ltd., on CreditWatch with negative implications. Duke Energy has $21.5 billion of debt outstanding. The ratings for Duke Energy reflect the consolidated creditworthiness of regulated and unregulated businesses. Duke Energy Corp. is a vertically integrated electric utility in the U.S.; this franchised electric business is conducted in North Carolina and South Carolina. Through its wholly owned subsidiary, Duke Capital Corp., Duke Energy engages in U.S. and international ventures which are both regulated and unregulated, including an
