NY -- Standard&Poor's CreditWire 6/29/98 -- Standard&Poor's today affirmed it single-'A'-minus corporate credit rating on Dominion Resources Inc. and its single-'A' corporate credit rating on subsidiary Virginia Electric&Power Co. The outlook on Dominion Resources and Virginia Electric&Power Co. is stable. The rating affirmation gives consideration to Dominion's agreement to sell East Midlands Electricity PLC to PowerGen PLC for $3.2 billion. East Midlands, a Nottingham-based regional electric distribution company, was purchased by Dominion in the first quarter of 1997 for about $2.2 billion. The sale is expected to close in July 1998. The sale of East Midlands is expected to result in an after-tax net gain of $216 million with a cash benefit
