On June 21, 2006, Standard&Poor's Ratings Services assigned its 'BB+' rating to Dominion Resources Inc.'s proposed $300 million enhanced junior subordinated notes. At the same time, Standard&Poor's affirmed its 'BBB' corporate credit rating on the company. The proceeds from the notes will be used for general corporate purposes, including the repayment of existing debt. The outlook is stable. As of March 31, 2006, Richmond, Va.-based Dominion had about $18.8 billion of GAAP debt. Standard&Poor's characterizes the notes as having intermediate equity credit because of the securities' long-term nature, combined with a 10-year non-call period, the ability to defer interest payments, and a covenant requiring redemption of these securities only from proceeds of securities having
