On May 25, 2006, Standard&Poor's Ratings Services affirmed its ratings on Duke Energy Corp. and all its subsidiaries, including Duke Power Company LLC, Duke Capital LLC, and Cinergy Corp. At the same time, Standard&Poor's revised the outlook on the companies to positive from stable, reflecting the company's recent announcement to sell Cinergy's commercial trading and marketing operations. The sale, which could be completed before the end of the year, should contribute to a further moderation in business risk, as well as materially reduce future collateral requirements. The commercial trading and marketing business is engaged in the physical and financial trading and marketing of electricity, natural gas, and other energy-related products, including coal and emission allowances, as
