Duke Energy's New $800MM Debt Issue Rated 'A-/BBB+' by Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 19, 2003 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned an 'A-' rating to Duke Energy Corp.'s new $500 million issue of first and refunding Reimbursing funds in restitution or repayment. The process of refinancing or borrowing money, ordinarily through the sale of bonds, to pay off an existing debt with the proceeds derived therefrom. mortgage bonds due 2015 and a 'BBB+' rating to the $300 million issue of senior notes due 2008. The Rating Outlook is Negative. Proceeds from the secured debt issue will be used to refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies outstanding first and refunding mortgage bonds and proceeds from the senior notes will be used for general corporate purposes including the pay down of commercial paper. The Negative Rating Outlook reflects the continued weakness in the domestic merchant energy sector where Duke has made significant investments, execution risk associated with on-going asset sales needed to meet debt reductions targets and the uncertain value of the underperforming international and merchant energy assets. Favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. , asset sales to date have exceeded expectations. Duke's overall credit strength is derived from its regulated electric operations and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. natural gas pipeline businesses. For more information please refer to press release dated September 12, 2003. |
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