On Aug. 2, 2002, Standard&Poor's Ratings Services affirmed its ratings and outlook on Dominion Resources Inc. (DRI; BBB+/Stable/A-2), and subsidiaries Consolidated Natural Gas Co. (CNG; BBB+/Stable/A-2), Virginia Electric&Power Co. (VP; 'A'/Stable/A-1), and other subsidiaries. These affirmations follow DRI's announced intention to acquire the Cove Point liquefied natural gas (LNG) facility from The Williams Companies Inc. (Williams) for $217 million. Dominion has addressed the near-term capital needs resulting from the Cove Point acquisition by structuring a $250 million bridge facility with one of its banks to accommodate the new investment. Ultimately, the purchase will be funded with a combination of corporate debt and equity. Dominion's business risk will not be altered as a result of the acquisition,
