On Sept. 11, 2003, Standard&Poor's Ratings Services assigned its preliminary 'A-' senior secured, preliminary 'BBB+' senior unsecured, preliminary 'BBB-' subordinated, and preliminary 'BBB-' preferred stock rating to Duke Energy Corp.'s $1.47 billion Rule 415 shelf registration. Subsequent to the filing, Duke Energy will have $2 billion available under its shelf registration. The outlook is negative. The ratings on Duke Energy reflect a consolidated credit assessment of the company's regulated U.S. electric utility operations, Duke Power Co., and the regulated and nonregulated operations conducted by Duke Capital Corp., Duke Energy's wholly owned subsidiary. Duke Capital owns natural gas transmission and distribution operations in the U.S. and Canada, merchant generation operations in the U.S., trading and marketing operations primarily in
