On June 29, 2006, Standard&Poor's Ratings Services affirmed its corporate credit ratings and issue ratings on Duke Energy Corp. and its subsidiaries Duke Power Co. LLC and Cinergy Corp. The outlooks are positive. The ratings on Duke Capital LLC and its subsidiaries are affirmed, and the outlooks have been revised to developing from positive. The rating actions follow Duke Energy's announcement that it would officially pursue the separation of the electric and natural gas assets effective Jan. 1, 2007, through a spin-off of the gas assets to existing shareholders. While details of the spin-off transaction have not been made public, the transaction is consistent with previous statements made by the company, and was factored into Standard&Poor's
