On Dec. 22, 2004, Standard&Poor's Ratings Services affirmed its corporate credit and issue ratings on Duke Energy Corp. ('BBB/A-2'), and its direct and indirect subsidiaries Duke Capital LLC, Texas Eastern Transmission L.P., PanEnergy Corp., Westcoast Energy Inc., and Union Gas Ltd. At the same time, Standard&Poor's revised the outlook to positive from stable. Charlotte, N.C.-based Duke Energy had about $18.8 billion in debt as of Sept. 30, 2004. The rating affirmation on Duke Energy and its subsidiaries reflects the fundamental strength of the regulated operations for both electricity generation and natural gas transmission and distribution that provide for consistent and stable cash flow generation. These operations benefit from lower operating risk, and regulatory and operating diversification.
