S&P affirms Duke Energy, downgrades Cinergy

Standard & Poor's said it finalized its BBB corporate credit ratings on Duke Energy Corp. and Duke Power Company LLC, which were preliminary pending the closing of the merger with Cinergy Corp.

At the same time, S&P lowered Cinergy's corporate credit and senior unsecured debt ratings to BBB- from BBB and preferred stock rating to BB+ from BBB- and removed the ratings from CreditWatch with negative implications. The outlook is stable.

The rating action follows the successful completion of the merger between Duke Energy and Cinergy on April 1.

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