The ratings on diversified energy company Duke Energy Corp. reflect the consolidated credit profiles of its operating subsidiaries, Duke Power Company LLC, Duke Capital LLC, and Cinergy Corp. Duke Energy's business risk profile is scored as '6' (satisfactory) and its financial risk profile is adequate. The company's business risk profile is supported by stable, regulated electric utility, low-operating risk gas transmission and distribution, and gas gathering operations that provide the bulk of cash flow. These strengths are offset by higher risk electricity and gas trading and marketing activities, some uncertainty regarding the company's future growth strategy combined with the potential for separation of the natural gas and electric businesses, and uncertainty as to how the regulatory environment will evolve in
