Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
한국 사이트에서 영어 글로벌 무디스 사이트로 리디렉트 됩니다. 계속하시겠습니까?
메시지를 다시 보이지 않기
아니오
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

MOODY'S PLACES THE DEBT RATINGS OF DUKE ENERGY (Baa1 SR. UNSEC.) AND DUKE CAPITAL (Baa3 SR. UNSEC.) UNDER REVIEW FOR POSSIBLE UPGRADE

29 Mar 2006
MOODY'S PLACES THE DEBT RATINGS OF DUKE ENERGY (Baa1 SR. UNSEC.) AND DUKE CAPITAL (Baa3 SR. UNSEC.) UNDER REVIEW FOR POSSIBLE UPGRADE

Approximately $16 Billion of Debt and Preferred Securities Affected

New York, March 29, 2006 -- Moody's Investors Service placed the long-term ratings of Duke Energy Corporation (Duke: Baa1 senior unsecured) and its principal subsidiary, Duke Capital LLC (Duke Capital: Baa3 senior unsecured) under review for possible upgrade. In addition, Duke's Prime-2 short-term rating for commercial paper has been placed under review for possible upgrade. Duke Capital's Prime-3 short-term ratings have been affirmed.

Moody's also affirmed the ratings for Cinergy Corporation (Cinergy: Baa2 senior unsecured), Cincinnati Gas and Electric (CG&E: Baa1 senior unsecured), Union Light, Heat & Power Company (ULH&P: Baa1 senior unsecured) and PSI Energy, Inc. (PSI: Baa1 senior Unsecured). The merger of Duke and Cinergy is now expected to be closed in April.

The review for possible upgrade of Duke reflects the lower business risk profile that will result from the reorganization associated with the merger with Cinergy, and an expected reduction in the company's leverage. Commensurate with the merger's closing, it is our understanding that Duke will distribute its ownership interests in Duke Capital LLC to a new parent holding company with Duke and Duke Capital becoming affiliate subsidiaries of a new parent holding company. This new parent holding company will be named Duke Energy Corporation (hereafter referred to as "NEWCO Duke"). The remaining regulated utility business will be renamed Duke Power LLC, and will be the obligor for the existing debt obligations of the pre-merger Duke. Duke Power LLC will have a relatively low business risk profile as an integrated regulated electric utility in a fairly supportive regulatory environment. The review for possible upgrade also reflects Moody's expectation that the new parent company will take additional actions to achieve a projected capital structure for Duke Power LLC of approximately 52% equity in 2007.

The pro-forma combined company, NEWCO Duke, is expected to generate approximately 85% of its consolidated revenues and cash flows from relatively stable regulated business activities, which will include Duke Power's regulated utility business and Duke Capital's natural gas transmission businesses, as well as the utility businesses of Cinergy. Moody's estimates that NEWCO Duke will have post-merger consolidated funds from operations (FFO) to adjusted total debt over 20%, and FFO interest coverage of nearly 5x.

The review for possible upgrade of Duke Capital reflects recent divestitures that have significantly reduced its business risk profile. The most significant improvements were achieved through the sale of the Duke Energy North America merchant generation and trading and marketing business and the reduction of Duke Capital's ownership interest in Duke Energy Field Services, which resulted in the deconsolidation of this large gas gathering, processing and marketing business. Duke Capital's recent improved financial performance is expected to be sustained over the next several years, with a ratio of FFO to adjusted total debt of in the mid-to high teen's and FFO to interest coverage of approximately 3.5x. Moody's acknowledges that senior management is evaluating potential strategic alternatives for its natural gas businesses, but we do not incorporate any divestiture scenarios into our credit analysis at the time.

Duke Energy is an electric and natural gas company headquartered in Charlotte, North Carolina.

On Review for Possible Upgrade:

..Issuer: California Maritime Infrastructure Authority

....Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently Baa3

..Issuer: Connecticut Resource Recovery Authority

....Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently Ba2

..Issuer: Duke Capital Financing Trust III

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Ba1

..Issuer: Duke Capital Financing Trust IV

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Ba1

..Issuer: Duke Capital Financing Trust V

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Ba1

..Issuer: Duke Capital Financing Trust VI

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Ba1

..Issuer: Duke Capital, LLC

....Junior Subordinated Shelf, Placed on Review for Possible Upgrade, currently (P)Ba1

....Senior Unsecured Bank Credit Facility, Placed on Review for Possible Upgrade, currently Baa3

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Upgrade, currently Baa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently Baa3

....Senior Unsecured Shelf, Placed on Review for Possible Upgrade, currently (P)Baa3

..Issuer: Duke Energy Capital Trust II

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: Duke Energy Capital Trust III

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: Duke Energy Capital Trust IV

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: Duke Energy Capital Trust V

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: Duke Energy Corporation

....Commercial Paper, Placed on Review for Possible Upgrade, currently P-2

....Issuer Rating, Placed on Review for Possible Upgrade, currently Baa1

....Junior Subordinated Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

....Preferred Stock, Placed on Review for Possible Upgrade, currently Baa3

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa3

....Senior Secured First Mortgage Bonds, Placed on Review for Possible Upgrade, currently A3

....Senior Secured Medium-Term Note Program, Placed on Review for Possible Upgrade, currently A3

....Senior Secured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A3

....Senior Secured Shelf, Placed on Review for Possible Upgrade, currently (P)A3

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Upgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently Baa1

....Senior Unsecured Shelf, Placed on Review for Possible Upgrade, currently (P)Baa1

..Issuer: Edinburg TX, Ind. Dev. Corp.

....Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently Baa3

..Issuer: Gaston (Cnty of) NC, I.F. & P.C.F.A.

....Revenue Bonds, Placed on Review for Possible Upgrade, currently A3

....Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently Baa1

..Issuer: Oconee (County of) SC

....Revenue Bonds, Placed on Review for Possible Upgrade, currently A3

....Senior Secured Revenue Bonds, Placed on Review for Possible Upgrade, currently A3

....Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently Baa1

..Issuer: Texas Eastern Transmission L.P.

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently Baa2

....Senior Unsecured Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: York (County of) SC

....Senior Secured Revenue Bonds, Placed on Review for Possible Upgrade, currently VMIG 2

Outlook Actions:

..Issuer: Duke Capital Financing Trust III

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Duke Capital Financing Trust IV

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Duke Capital Financing Trust V

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Duke Capital Financing Trust VI

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Duke Capital, LLC

....Outlook, Changed To Rating Under Review From Developing

..Issuer: Duke Energy Capital Trust II

....Outlook, Changed To Rating Under Review From Developing

..Issuer: Duke Energy Capital Trust III

....Outlook, Changed To Rating Under Review From Developing

..Issuer: Duke Energy Capital Trust IV

....Outlook, Changed To Rating Under Review From Developing

..Issuer: Duke Energy Capital Trust V

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Duke Energy Corporation

....Outlook, Changed To Rating Under Review From Developing

..Issuer: Texas Eastern Transmission L.P.

....Outlook, Changed To Rating Under Review From Developing

Confirmations:

..Issuer: Duke Energy Corporation

....Senior Unsecured Regular Bond/Debenture, Confirmed at Aaa

New York
Daniel Gates
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
James Hempstead
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​