NEW YORK (Standard&Poor's) Aug. 2, 2002--Standard&Poor's Ratings Services said today that it has affirmed its ratings and outlook on Dominion Resources Inc. (DRI; triple-'B'-plus/Stable/A-2), its subsidiaries Consolidated Natural Gas Co. (CNG; triple-'B'-plus/Stable/A-2) and Virginia Electric&Power Co. (VP; single-'A'/Stable/A-1) and other subsidiaries. These affirmations follow DRI's announced intention to acquire the Cove Point liquefied natural gas (LNG) facility from The Williams Companies Inc. (Williams) for $217 million. Dominion has addressed the near-term capital needs resulting from the Cove Point acquisition by structuring a $250 million bridge facility with one of its banks to accommodate the new investment. Ultimately, the purchase will be funded with a combination of corporate debt and equity. Dominion's business risk will
