Credit Ratings

Duke Energy Corporation

	Moody's Report	S&P Report
Outlook	Stable	Stable
Issuer Rating / Corporate Credit Rating	Baa2	BBB+
Senior Unsecured	Baa2	BBB
Junior Subordinated Debt/Preferred Stock	Baa3	BBB-
Commercial Paper	P-2	A-2

Duke Energy Carolinas

	Moody's Report	S&P Report
Outlook	Stable	Stable
Senior Secured	Aa3	A
Senior Unsecured	A2	BBB+

Progress Energy, Inc.

	Moody's Report	S&P Report
Outlook	Stable	Stable
Senior Unsecured	Baa1	BBB

Duke Energy Progress

	Moody's Report	S&P Report
Outlook	Stable	Stable
Senior Secured	Aa3	A

Duke Energy Florida

	Moody's Report	S&P Report
Outlook	Stable	Stable
Senior Secured	A1	A
Senior Unsecured	A3	BBB+

Duke Energy Ohio

	Moody's Report	S&P Report
Outlook	Stable	Stable
Senior Secured	A2	A
Senior Unsecured	Baa1	BBB+

Duke Energy Indiana

	Moody's Report	S&P Report
Outlook	Stable	Stable
Senior Secured	Aa3	A
Senior Unsecured	A2	BBB+

Duke Energy Kentucky

	Moody's Report	S&P Report
Outlook	Negative	Stable
Senior Unsecured	Baa1	BBB+

Piedmont Natural Gas

	Moody's Report	S&P Report
Outlook	Stable	Stable
Senior Unsecured	A3	BBB+

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	S&P
Highest	Aaa	AAA
High	Aa	AA
Upper Medium	A	A
Moderate	Baa	BBB

Note: S&P uses 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 Credit Ratings or Moody's Ratings Symbols and Definitions for more information.