NEW YORK (Standard&Poor's) Nov. 2, 2006--Standard&Poor's Ratings Services said today that it affirmed its 'BBB' corporate credit rating on Dominion Resources Inc. and revised its outlook on the company to positive from stable. The rating action follows Dominion's announcement that it proposes to sell a majority of its exploration and production assets. Richmond, Va.-based Dominion had about $18.7 billion of debt, including off-balance-sheet obligations, as of Sept. 30, 2006. The rating action on Dominion reflects management's stated intention to use sale proceeds in a manner that would maintain credit measures, with some proceeds to retire debt even while reducing business risk. "The positive outlook is premised on our expectation that management will have greater emphasis on
