NEW YORK (Standard&Poor's) Dec. 22, 2004--Standard&Poor's Ratings Services today affirmed its 'BBB+' corporate credit rating on Dominion Resources Inc. (Dominion). At the same time, it lowered its corporate credit rating on Virginia Electric&Power Co. (Virginia Power) to 'BBB+' from 'A-' and affirmed all ratings, except for certain ratings on Virginia Power. The outlook is negative. The rating revision on Virginia Power follows the completion of Standard&Poor's review of regulatory insulation in Virginia. "While Virginia statutes protect Virginia Power from the effects of Dominion by not allowing the utility to subsidize holding company expansion into nonregulated activities, there is no state-mandated capital structure requirement for the utility," said credit analyst Aneesh Prabhu. "Standard
