On June 4, 2007, Standard&Poor's Ratings Services affirmed its 'BBB' corporate credit ratings on diversified utility company Dominion Resources Inc. and its subsidiaries. The outlook is positive. Richmond, Va.-based Dominion had about $19.7 billion of debt and debt equivalents, including off-balance-sheet obligations, as of March. 31, 2007. The affirmation follows Dominion's announcement that it is selling most of its U.S. onshore natural gas and oil exploration and production operations aggregating 3.5 trillion cubic feet equivalent (tcfe) of proved reserves for $6.5 billion, or $1.85 per thousand cubic feet equivalent of proved reserves. The transaction follows two other recent exploration and production (E&P) asset sales aggregating 1.23 tcfe and is part of Dominion's previously announced strategic repositioning. The ratings
