The ratings on diversified energy company Dominion Resources Inc. reflect the cash flow stability and supportive regulatory environment for its utilities, combined with much smaller oil and gas exploration and production operations and a portfolio of unregulated power generation and natural gas-related assets. Dominion faces some commodity price risk in its unregulated operations that requires the careful attention of management. The company's business risk profile is excellent, albeit in the low end of the range, and it carries an aggressive level of financial risk. The outlook is stable. Richmond, Va.-based Dominion and utility subsidiary Virginia Electric&Power Co. (VEPCO) have about $13 billion of debt outstanding. Dominion's sale earlier this year of a sizable portion of its oil and
