S&P raises Dominion

Standard & Poor's said it raised its corporate credit rating on Dominion Resources Inc. and Virginia Electric & Power Co. to A- from BBB to reflect the enterprise's lower risk profile.

The agency said it also affirmed the A-2 commercial paper rating for both companies.

The outlooks are stable.

According to S&P, Dominion's business risk profile is in the low end of the "Excellent" range of its corporate ratings matrix and it considers the financial profile to be "Aggressive."

The agency said that the ratings on Dominion Resources 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.

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