On Oct. 21, 2002, Standard&Poor's Ratings Services affirmed its ratings on Richmond, Va.-based integrated energy company Dominion Resources Inc. (BBB+/Stable/A-2), and its subsidiary Consolidated Natural Gas Co. (CNG; BBB+/Stable/A-2). At the same time, Standard&Poor's Ratings Services lowered the corporate credit rating on subsidiary Virginia Electric&Power Co. (VEPCO) to 'A-' from 'A'. Ratings on VEPCO's short-term corporate credit rating, debt issues, and commercial paper ratings were also lowered. Dominion and its subsidiaries have about $13.5 billion of debt outstanding. The outlook is stable. Dominion is a diversified energy company with about 45% of its business from regulated electric utility operations in Virginia, about 35% from its CNG subsidiary and the remaining 20% from its portfolio
