On Dec. 22, 2004, Standard&Poor's Ratings Services affirmed its 'BBB+' corporate credit rating on Dominion Resources Inc. (Dominion). At the same time, Standard&Poor's lowered its corporate credit rating on Virginia Electric&Power Co. (Virginia Power) to 'BBB+' from 'A-' and affirmed its ratings on Virginia Power (see complete ratings list below). The outlook is negative. Richmond, Va.-based Dominion had about $19 billion of debt (including hybrids and imputed debt equivalents) as of Sept. 30, 2004. The rating revision for Virginia Power follows the completion of Standard&Poor's review of regulatory insulation in Virginia. While Virginia statutes protect the utility from the effects of its parent by not allowing the utility to subsidize holding company
