On Jan. 31, 2003, Standard&Poor's Ratings Services lowered its corporate credit ratings on Duke Energy Corp., Duke Capital Corp., Westcoast Energy Inc., Union Gas Ltd., and other related subsidiaries to 'A-' from 'A'. The corporate credit rating for Duke Energy Trading and Marketing, L.L.C. (DETM), which is 40% owned by Exxon Mobil Corp. (AAA/Stable/A-1+), was lowered to 'BBB' from 'BBB+'. All outlooks are negative. Duke Energy Field Services LLC's rating was affirmed at BBB/Stable/--. Ratings on debt issues were also lowered. Charlotte, N.C.-based Duke Energy had $22.5 billion of consolidated debt outstanding at year-end 2002. Duke Energy conducts its electric utility operations through Duke Power and owns Duke Capital, which is the holding company for U.S. and Canadian
