NEW YORK (Standard&Poor's CreditWire) Aug. 7, 2000--Standard&Poor's today placed its long-term ratings on Dominion Resources Inc. and its affiliates on CreditWatch with negative implications (see list below). In addition, Standard&Poor's placed its 'A-1' short-term corporate credit and commercial paper ratings on Virginia Electric&Power Co. (Virginia Power) on CreditWatch with negative implications. The 'A-2' short-term corporate credit and commercial paper ratings for Dominion and Consolidated Natural Gas Co. (CNG) were affirmed and are not on CreditWatch. These rating actions followed the announcement that Dominion has signed an agreement to acquire the three-unit Millstone nuclear generation station for $1.3 billion, or about $600 per kW, in cash from Northeast Utilities (NU). The CreditWatch listing
