Dominion Resources Inc. (BBB+/Stable/A-2) has launched a tender and consent offering for the Dominion Fiber Ventures notes. Dominion Fiber Ventures LLC is an off-balance-sheet financing of Dominion containing a rating trigger provision. Dominion is seeking the consent of the note holders to remove the note rating triggers, and is tendering to purchase all of the outstanding notes. The notes have a par value of $665 million. Standard&Poor's Ratings Services views this move as a very positive step; though in the second half of 2002 Dominion had already taken action to significantly improve its liquidity position by adding more than $800 million of new liquidity lines and issuing $1 billion in common equity. Hence, the tender is more geared
