Fitch: Dominion notes BBB+

Fitch Ratings said it assigned BBB+ ratings to the $500 million of 4.45% notes due March 15, 2021 and the $400 million of 1.80% notes due March 15, 2014 issued by Dominion Resources, Inc.

The new notes are unsecured and rank equally with other unsecured debt.

The proceeds will be used for general corporate purposes, including the reduction of commercial paper borrowings, Fitch said.

The outlook is stable.

The ratings are supported by cash flows from its large, strategically located and well-operated asset base, Fitch said.

Primary credit concerns include its operating margin pressure and increasing environmental regulations that adversely affect the merchant generation cash flow prospects and execution risk, the agency said.

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