NEW YORK (Standard&Poor's) May 2, 2003--Standard&Poor's Ratings Services said today that it assigned its 'A-' senior unsecured debt rating to Duke Energy Corp.'s $700 million convertible senior notes due 2023. The outlook is negative. Charlotte, N.C.-based Duke Energy had $22.5 billion in consolidated debt outstanding (including current maturities) as of Dec. 31, 2002. The proposed note issue is a drawdown from Duke Energy's existing $1.5 billion shelf registration. "Our negative outlook on Duke Energy reflects the need to review the company's progress on its asset sale strategy, as well as updated financial projections, to determine the likelihood and timing of financial improvement," said Standard&Poor's credit analyst Dimitri Nikas. "Duke Energy will need to improve
