The ratings on Duke Energy Corp. reflect the 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, Duke Energy's wholly owned subsidiary. Duke Capital owns regulated natural gas transmission and distribution operations in the U.S. and Canada, nonregulated merchant generation operations in the U.S. and in Latin America, 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 and financial profiles in the analysis. Standard&Poor's also excludes Maritimes&Northeast Pipeline LLC as part of the analysis.
