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S&P: Duke Energy outlook positive
Standard & Poor's said it revised the outlook on Duke Energy Corp. to positive from stable and affirmed its ratings, including the A- corporate credit rating.
The outlook revision reflects the potential for higher ratings in the next nine to 12 months provided that credit metrics remain buoyant and Duke Energy continues to achieve favorable regulatory outcomes that provide for the timely recovery of its sizable utility construction program, the agency said.
The company plans to embark on a large capital spending program that will total about $23 billion through 2012 and will exceed internal cash flow generation over the intermediate term. S&P said additional debt financing will be necessary and that while this will increase debt leverage and weaken the credit protection measures from current levels, credit metrics are expected to remain at a level that supports the current ratings.
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