The ratings on Duke Energy Corp. reflect a consolidated credit assessment of its regulated U.S. electric utility operation, Duke Power Co., as well as nonregulated operations of its wholly owned subsidiary, Duke Capital Corp. Duke Capital owns and operates gas pipelines in the U.S. and abroad, domestic (Duke Energy North America (DENA)) and international electric generation facilities, and global energy trading and marketing activities. U.S. energy trading operations (Duke Energy Trading and Marketing LLC (DETM); BBB+/Stable/--). DETM serves as the agent that largely trades around DENA's physical assets, but also engages in some proprietary trading. DETM which is also 40%-owned by Exxon Mobil Corp., also trades natural gas from Exxon Mobil. Duke Energy's business-risk profile is enhanced by the strong
