Fitch rates Duke Energy notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Duke Energy Corp.'s $1.2 billion dual tranche debt offering comprising $700 million 1.625% unsecured notes due Aug. 15, 2017 and $500 million 3.05% senior notes due Aug. 15, 2022.

The outlook is stable.

Proceeds will be used to repay at maturity Duke Energy Ohio Inc.'s $500 million 5.7% debentures due Sept. 15, 2012 and the remainder for general corporate purposes.

The ratings are supported by the credit strength and cash flow diversity of the company's six regulated utility subsidiaries operating in six states, the agency said.

Debt to EBITDA will be somewhat weak for the rating category with the 2013 ratio projected by Fitch to be about 4.25x, trending down to about 4.0x over the next two years, according to the agency.

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