Bulletin: Dominion Energy Inc.'s Financial Cushion Is Minimal As It Begins A Strategic Review

This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Nov. 4, 2022-- S&P Global Ratings today said it believes Dominion Energy Inc. (BBB+/Stable/A-2) is operating with minimal financial cushion and expect its forward-looking financial measures will remain at the lower end for its financial risk category. Our ratings and outlook on the company are unchanged. This follows the company's announcement that it has initiated a ?top-to-bottom? business review focused on shareholder value enhancement, transparency, and continued commitment to state-regulated utility profile focused on decarbonization. Dominion's 2021 funds from operations (FFO) to debt was 12.7%, somewhat below our downside threshold (13%). We will monitor developments on the company's strategic review, including potential asset sales that could have

...NEW YORK (S&P Global Ratings) Nov. 4, 2022-- S&P Global Ratings today said it believes Dominion Energy Inc. (###+/Stable/A-2) is operating with minimal financial cushion and expect its forward-looking financial measures will remain at the lower end for its financial risk category. Our ratings and outlook on the company are unchanged. This follows the company's announcement that it has initiated a "top-to-bottom" business review focused on shareholder value enhancement, transparency, and continued commitment to state-regulated utility profile focused on decarbonization. Dominion's 2021 funds from operations (FFO) to debt was 12.7%, somewhat below our downside threshold (13%). We will monitor developments on the company's strategic review, including potential asset sales that could have an impact on the company's business risk profile, financial risk profile, or overall credit quality. Dominion plans to provide updates on the business review in its fourth-quarter earnings call in early 2023...

Bulletin