On June 20, 2005, Standard&Poor's Ratings Services assigned its 'BBB+' to Dominion Resources Inc.'s (BBB+/Negative/A-2) $300 million senior notes due 2010 and $300 million senior notes due 2035. Proceeds from the offerings will be used to reduce commercial paper balances and to partly prefund a $700 million maturity in the third quarter. The outlook is negative. Richmond, Va.-based Dominion had about $19.2 billion of debt (including hybrids and imputed debt equivalents) as of March 31, 2005. The ratings on Dominion reflect its utility subsidiaries' cash flow stability and favorable regulatory environment combined with riskier oil and gas exploration operations and a growing portfolio of unregulated power generation. In nearly all of its businesses, Dominion faces a high level
