Summary: Progress Energy Inc. Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services' ratings on Progress Energy Inc. remain on CreditWatch, where they were placed with positive implications on Jan. 10, 2011. The CreditWatch placement followed the announcement that Progress had entered into an agreement to merge with Duke Energy Corp. Duke Energy will be the surviving entity. The merger could be completed by the end of 2011 following approvals from the Nuclear Regulatory Commission, and North and South Carolina regulators. The Kentucky Public Service Commission approved the merger in October 2011. The Federal Energy Regulatory Commission (FERC) also granted conditional approval to the merger. The positive CreditWatch listing on Progress Energy and its subsidiaries reflects the benefit to the company's credit quality that will come from the...

Companies mentioned in this report are: Progress Energy Inc.,Carolina Power & Light Co. d/b/a Progress Energy Carolinas Inc.,Florida Power Corp. d/b/a Progress Energy Florida Inc.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Progress Energy Inc.,Carolina Power & Light Co. d/b/a Progress Energy Carolinas Inc.,Florida Power Corp. d/b/a Progress Energy Florida Inc.

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