The ratings on Duke Energy Corp. reflect the consolidated credit profiles of its operating subsidiaries, Duke Energy Carolinas LLC, Duke Energy Ohio Inc., Duke Energy Indiana Inc., Duke Energy Kentucky Inc., as well as the contribution of the company's Latin American operations and existing and planned renewable generation investments. Incorporating the operations and anticipated financial profile of Progress would not affect Duke's ratings and could strengthen the credit profile over time as the combination produces a utility holding company that is bigger, more diverse, and capable of improving its financial performance and balance sheet. Duke Energy's 'excellent' business risk profile is characterized by stable regulated utility operations in the Carolinas, Ohio, Kentucky, and Indiana. Progress's 'excellent business risk profile reflects
