Standard&Poor' Ratings Services' 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., and 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 risk profile of Progress would not affect our ratings on Duke 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" (as defined in our criteria) business risk profile is characterized by stable regulated utility operations
