Duke Energy Corp.'s ratings 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 supported by the strong competitive position of its primary business 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 Duke Power and by its gas transmission businesses that are expected to provide about 60% of EBITDA for the period 2001 through 2003. Duke's fundamental creditworthiness is also enhanced by the geographic diversity of
