On Dec. 19, 2005, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on diversified energy company Dominion Resources Inc. to 'BBB' from 'BBB+'. At the same time, Standard&Poor's lowered its ratings on subsidiaries Virginia Electric&Power Co. (Virginia Power) and Consolidated Natural Gas Co. (CNG) to 'BBB' from 'BBB+'. The 'A-' rating on Virginia Power's first mortgage bonds was affirmed based on the level of overcollateralization. The short-term ratings on Dominion were affirmed at 'A-2'. The outlook is stable. The rating action follows Standard&Poor's assessment that fuel factor losses at Virginia Power and delayed production at Dominion Exploration&Production have caused a deterioration in financial performance to a level more commensurate
