NEW YORK (Standard&Poor's) June 21, 2006--Standard&Poor's Ratings Services said today that it assigned its 'BB+' rating to Dominion Resources Inc.'s proposed $300 million enhanced junior subordinated notes. At the same time, Standard&Poor's affirmed its 'BBB' corporate credit rating on the company. The proceeds from the notes will be used for general corporate purposes, including the repayment of existing debt. The outlook is stable. As of March 31, 2006, Richmond, Va.-based Dominion had about $18.8 billion of GAAP debt. The ratings on Dominion Resources reflect the relative cash flow stability and supportive regulatory environment for its utility subsidiary, combined with riskier oil and gas exploration and production operations and a growing portfolio of unregulated power
