Credit Ratings

Duke Energy Corporation


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

Duke Energy Carolinas


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

Progress Energy, Inc.


Moody's Report See consolidated S&P report above
Outlook Stable Stable
Senior Unsecured Baa2 BBB+

Duke Energy Progress


Moody's Report See consolidated S&P report above
Outlook Stable Stable
Senior Secured Aa3 A

Duke Energy Florida


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

Duke Energy Ohio


Moody's Report See consolidated S&P report above
Outlook Positive Stable
Senior Secured A2 A
Senior Unsecured Baa1 A-

Duke Energy Indiana


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

Duke Energy Kentucky


Moody's Report See consolidated S&P report above
Outlook Stable Stable
Senior Unsecured Baa1 A-

Piedmont Natural Gas

Moody's Report See consolidated S&P Report above
Outlook Negative Stable
Senior Unsecured A2 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

Fitch / S&P

Highest Aaa AAA
High Aa AA
Upper Medium A A
Moderate Baa BBB
NoteFitch and S&P use the credit rating modifiers + and - to indicate relative standing within a particular rating category. Moody's uses the numbers 1, 2 and 3 to indicate relative standing, with the numbers 1 and 3 corresponding to the + and - of S&P. Visit S&P's Understanding Ratings or Moody's Ratings Definitions for more information.