Fitch lifts Vepco, DomGas

Fitch Ratings said it affirmed the issuer default rating of Dominion Resources, Inc. at BBB+ and upgraded the issuer default ratings of regulated subsidiaries, Virginia Electric and Power Co. (Vepco) and Dominion Gas Holdings, LLC (DomGas) to A- from BBB+.

The outlook is stable.

The ratings upgraded include its DomGas’s issuer default rating to A- from BBB+ and senior unsecured debt to A- from BBB+.

Vepco’s issuer default rating also was upgraded to A- from BBB+, senior secured debt and revenue bonds to A+ from A and senior unsecured debt and revenue bonds to A from A-.

The upgrades reflect changes in the agency’s analytical approach and rating assignments within the Dominion Resources family, Fitch said.

The agency also said it affirmed the BBB+ rating on Dominion Resources’ senior unsecured debt and revenue bonds, BBB- ratings on preferred and junior subordinated debt, F2 short-term issuer default rating and F2 commercial-paper rating.

The issuer default rating on Consolidated Natural Gas Co. also was affirmed at BBB+, along with the BBB+ rating on its senior unsecured deb.

Virginia Electric and Power’s short-term issuer default rating was affirmed at F2 and its commercial-paper rating at F2.

The ratings consider the group’s considerable size and scale of its operations, regulatory diversity, diversified asset portfolio and favorable position in economically vibrant regions, Fitch said.

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