On May 2, 2003, Standard&Poor's Ratings Services assigned its 'A-' senior unsecured debt rating to integrated energy company 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 ratings on Duke Energy reflect a consolidated credit assessment of its regulated U.S. electric utility operation, Duke Power Co., as well as nonregulated operations of its wholly owned subsidiary, Duke Capital Corp. Duke Capital owns and operates gas pipelines in the U.S. and abroad, domestic (Duke Energy North America) and international electric generation facilities, and global energy trading and marketing activities as well as U.S. energy
