NEW YORK (Standard&Poor's) Sept. 22, 2003--Standard&Poor's Ratings Services said today that it views Dominion Resources Inc.'s (BBB+/Stable/A-2) announcement that it is taking an approximately $650 million impairment charge in its telecommunication and fiber venture business as a credit negative; however, the announcement does not affect the ratings or outlook on the company. Despite the impairment, adjusted debt to capital at the end of 2003 is still expected to be lower compared with year-end 2002 debt to capital of 58.3%. This is partly due to about $682 million of common equity raised through a public offering in May 2003, as well as retained earnings and contributions from the dividend reinvestment program during 2003. Adjusted debt to capital
