S&P gives Duke Energy notes A-

S&P said it assigned an A- rating to Duke Energy Progress LLC's series A floating-rate notes due 2022.

“The notes will be direct, senior unsecured, unsubordinated obligations, ranking equally with all of its other senior unsecured and unsubordinated indebtedness from time to time outstanding. As such, we rate this issue A- because we view it as debt issued by a qualifying investment-grade regulated utility, consistent with our criteria,” S&P said in a press release.

Duke intends to use the proceeds to repay its borrowings under its unrated two-year term loan facility ($700 million) expiring in December 2020.

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