The ratings on Duke Energy Corp. reflect a consolidated credit assessment methodology incorporating its regulated U.S. electric utility operation, gas pipeline ownership in the U.S. and abroad, nonregulated international and domestic electric generation facilities, and global energy trading and marketing activities. Duke Energy's business risk profile is enhanced by the strong competitive position of its primary subsidiary, Duke Power Co., with its reasonable rates, solid nuclear operations, economically healthy service area, and reasonable regulatory environment. Duke Energy'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 EDITDA for the period 2001 through 2003. The ratings also reflect expected expansion of Duke
