On June 23, 2005, Standard&Poor's Ratings Services assigned preliminary ratings to Dominion Resources Inc.'s $3 billion shelf registration, consisting of senior unsecured debt ('BBB+'), subordinated debt ('BBB'), and preferred stock ('BBB-'). Drawdowns from the shelf filing will be used from time to time to fund the company's refinancing needs and capital programs. Richmond, Va.-based Dominion had about $19.2 billion of debt (including hybrids and imputed debt equivalents) as of March 31, 2005. The ratings on Dominion reflect its utility subsidiaries' cash flow stability and favorable regulatory environment, combined with riskier oil and gas exploration operations and a growing portfolio of unregulated power generation. In nearly all of its businesses, Dominion faces a high level of commodity price risk
