NEW YORK (Standard&Poor's CreditWire) Dec. 17, 1999--Standard&Poor's today affirmed its ratings of Duke Energy Corp. and related entities (see list below) following the announcement that the company reached a definitive agreement with Phillips Petroleum Co. to form a gas gathering and processing business by combining the assets of Duke Energy Field Services and GPM Gas Corp., a unit of Phillips. Duke also announced that the company will take a $750 million write-down in the fourth quarter of 1999 to account for legal contingencies. The outlook on Duke and its affiliates is negative. Ratings of Duke Energy Trading and Marketing, L.L.C., however, remain on CreditWatch with developing implications given the uncertain impact of the ExxonMobil Corp. merger.
