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 upstream and midstream natural gas operations and a significant portfolio of unregulated power generation assets. Dominion faces commodity price and operational risks in its unregulated operations that requires extensive risk management. The company's business risk profile is 'excellent', albeit in the low end of the range, and it carries an 'intermediate' level of financial risk. Dominion's sales of its exploration and production assets, the re-regulation in Virginia of its main utility, Virginia Electric and Power Co. (VEPCO), and the company's plans to invest predominantly in its regulated segments all point to the improved business risk
