On Nov. 21, 2003, Standard&Poor's Rating Services affirmed its 'BBB+' corporate credit ratings on Dominion Resources Inc and its subsidiary, Consolidated Natural Gas Co. (CNG). In addition, the outlook was revised to negative from stable. At the same time, Standard&Poor's affirmed its 'A-' corporate credit rating of utility subsidiary, Virginia Electric&Power Co. (Virginia Power) at 'A-'. The outlook is stable. Richmond, Va.-based Dominion had $17 billion of consolidated debt, including trust preferred securities, as of Sept. 30, 2003. The negative outlook on Dominion and CNG reflects Standard&Poor's view that Dominion's financial performance is weak for the 'BBB+' rating given regulatory insulation at Virginia Power. Virginia statutes do not allow the utility to
