NEW YORK (S&P Global Ratings) June 10, 2019--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Dominion Energy Inc.'s proposed equity units. The equity units consist of a purchase contract that obligates the owners of the units to purchase Dominion's common stock as of June 2022 and a perpetual convertible preferred stock which will be remarketed near the end of year three. We assigned high equity credit (100% equity treatment) to the issuance because of the mandatory convertible feature that requires the issuance of common equity within three years. The company intends to use the net proceeds to refinance outstanding debt. We notch the equity units two notches below our 'BBB+' issuer credit rating on Dominion, which reflects the
