The ratings on Duke Energy Corp. reflect a consolidated credit assessment methodology incorporating its regulated U.S. electric utility operation, ownership in gas pipelines in the U.S. and abroad, nonregulated international and domestic electric generation facilities, and global energy trading and marketing activities. Duke's business risk profile is enhanced by the strong competitive position of its primary division, Duke Power, with its reasonable rates, solid nuclear operations, economically healthy service area, and responsible regulatory environment. Duke's credit protection measures are supported by the stable cash flow generated by its regulated U.S. utility and gas transmission businesses that are expected to provide about 60% of EBITDA for the period 2001 through 2003. The ratings anticipate expansion of Duke's nonregulated energy-related business segments,
