On March 19, 2003, Standard&Poor's Ratings Services assigned its 'A' senior secured debt rating to integrated energy company Duke Energy Corp.'s $200 million first and refunding mortgage bonds due 2010. Duke Energy plans to use the debt proceeds to primarily reduce outstanding commercial paper. The outlook is negative. Charlotte, N.C.-based Duke Energy Corp. had $22.5 billion in consolidated debt outstanding as of Dec. 31, 2002. The ratings for Duke Energy 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 (DENA) and international electric generation facilities, and
