NEW YORK (Standard&Poor's CreditWire) May 13, 1999--Standard&Poor's today placed the long-term ratings of Dominion Resources Inc. and its affiliates on CreditWatch with negative implications (see list below). Dominion Resources' 'A-2' short-term corporate credit and commercial paper ratings are not on CreditWatch. This action followed the announcement of Dominion's revised offer to acquire Consolidated Natural Gas Co. (CNG) in a stock and cash transaction and the acceptance of the offer by the CNG board. The CreditWatch listing reflects the increased cash component of the revised Dominion offer, combined with the announcement that the company plans to repurchase up to 20% of outstanding common stock. The approximately $4 billion in new financing that will be required to effect
