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 LLC, Duke Energy's wholly owned subsidiary. Duke Capital owns regulated natural gas transmission and distribution (T&D) operations in the U.S. and Canada, nonregulated merchant generation operations in the U.S. and in Latin America, asset-based trading and marketing operations primarily in the U.S., and other nonregulated operations, mainly real-estate development. In its analysis of Duke Energy, Standard&Poor's views Duke Energy Field Services LLC (DEFS), a joint venture owned 70% by Duke Energy, and Maritimes&Northeast Pipeline LLC as equity investments and does not include them as
