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S&P: Duke Energy outlook stable
Standard & Poor's said it revised the outlook on Duke Energy Corp. to stable from positive and affirmed its ratings, including the A- corporate credit rating, and the ratings on Cinergy Corp., Duke Energy Carolinas LLC, Duke Energy Indiana Inc., Duke Energy Kentucky Inc. and Duke Energy Ohio Inc.
The agency said the outlook revision reflects developments in Indiana and Ohio. Estimates on the cost to complete the 630 megawatt MW Edwardsport integrated gasification combined cycle generating station in Indiana have risen dramatically.
In Ohio, a 2009 electric security plan that expires at the end of 2011 provides for, among other things, a series of rate increases to compensate the company for dedicating about 4,000 MW of generation assets to serve native load. S&P said that customer and margin losses since the plan rates were instituted, due to greater competitive forces and low market prices for generation, have eroded financial results and indicate that its business risk has risen in the state.
Successful risk management of these developments and steady financial performance will be necessary to maintain ratings stability, the agency said.
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