S&P rates Dominion notes BBB+

Standard & Poor's said it assigned its BBB+ rating 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.

S&P said 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.

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