Moody's affirms Duke Energy ratings

Moody's Investors Service said it affirmed its ratings for Duke Energy Corp. and Duke Capital Corp. following an assessment of the company's revised business plan, including an accelerated debt reduction program for 2004.

The outlook continues to be stable for both Duke Energy and Duke Capital.

Moody's said the ratings and stable outlook are predicated upon Duke's successful execution of its business plan, including meeting its 2004 debt reduction target and maintaining enough financial flexibility to continue to support its more volatile operations, in particular the company's remaining wholesale energy merchant operation, Duke Energy North America.

The ratings are supported by the stability of Duke's large regulated utility operations and pipeline business and incorporate expectations for significant improvements in consolidated cash flow and debt measures over the next several years.

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