Credit Ratings

Duke Energy Corporation


Moody's Report S&P Report
Outlook Stable Stable
Issuer Rating / Corporate
Credit Rating
Baa1 A-
Senior Unsecured Baa1 BBB+
Junior Subordinated Debt Baa2 BBB
Commercial Paper P-2 A-2

Duke Energy Carolinas


Moody's Report S&P Report
Outlook Stable Stable
Senior Secured Aa2 A
Senior Unsecured A1 A-

Progress Energy, Inc.


Moody's Report S&P Report
Outlook Stable Stable
Senior Unsecured Baa1 BBB+

Duke Energy Progress


Moody's Report S&P Report
Outlook Stable Stable
Senior Secured Aa3 A

Duke Energy Florida


Moody's Report S&P Report
Outlook Stable Stable
Senior Secured A1 A
Senior Unsecured A3 A-

Duke Energy Ohio


Moody's Report S&P Report
Outlook Stable Stable
Senior Secured A2 A
Senior Unsecured Baa1 A-

Duke Energy Indiana


Moody's Report S&P Report
Outlook Stable Stable
Senior Secured Aa3 A
Senior Unsecured A2 A-

Duke Energy Kentucky


Moody's Report S&P Report
Outlook Stable Stable
Senior Unsecured Baa1 A-

Piedmont Natural Gas


Moody's Report S&P Report
Outlook Stable Stable
Senior Unsecured A3 A-

What is a credit rating?

An independent opinion from a credit rating agency about the likelihood a debt issuer will meet its financial obligations (i.e., creditworthiness).

Credit Quality

Moody's

S&P

Highest Aaa AAA
High Aa AA
Upper Medium A A
Moderate Baa BBB
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