NEW YORK (Standard&Poor's) June 24, 2002—Standard&Poor's today assigned its triple-'B'-plus rating to Dominion Resources Inc.'s $500 million 2002 Series 'B' senior notes due June 30, 2012. Dominion Resources expects to use the net proceeds from the sale of its securities to refinance outstanding commercial paper. The ratings on Richmond, Va.-based Dominion Resources (DRI; BBB+/Stable/A-2) and its Consolidated Natural Gas Co. (CNG; BBB+/Stable/A-2) affiliate reflect a consolidated credit assessment methodology, resulting in the same corporate credit rating (risk of default) for DRI and CNG. The higher corporate credit rating assigned to Virginia Electric&Power Co. (VP; A/Stable/A-1), another DRI subsidiary, is supported by the utility's adequate credit protection measures on a stand-alone basis, combined with statutory
