The ratings on Duke Energy Corp. reflect a consolidated credit assessment of the company's regulated U.S. electric utility operations, Duke Power Co., and the regulated and nonregulated operations conducted by Duke Capital Corp., Duke Energy's wholly owned subsidiary. Duke Capital owns natural gas transmission and distribution operations in the U.S. and Canada, merchant generation operations in the U.S., trading and marketing operations primarily in the U.S., and other nonregulated operations, mainly real-estate development. Duke Energy Field Services, a joint venture owned 70% by Duke Energy, is not included as part of the consolidated business profile. Duke Energy's consolidated business profile is supported by the regulated electric and gas transmission and distribution business, which provide material stability to cash flow. However,
