November 21, 2003

RICHMOND, Va. - Dominion Resources (NYSE: D) today issued the following statement by Thos. E. Capps, chief executive officer, following a decision by Standard & Poor's (S&P) to revise Dominion's investment-grade credit outlook from Stable to Negative:

"Dominion's credit ratios are stronger today than they were a year ago, when S&P last confirmed our BBB plus rating with a Stable Outlook. Today's decision by S&P to place us on Negative Outlook is disappointing. It does not square with Dominion's deliberate, successful and ongoing policy to strengthen its credit ratios. Nor does it square with the assessments of professional fixed-income investors, who continue to invest in and have confidence in Dominion.

"Unfortunately, S&P's standards for evaluating our industry continue to change, at times unexpectedly. So we will not penalize our equity investors by diluting earnings through a new equity issuance to satisfy standards that are constantly changing. Instead, we expect to meet S&P's latest concerns by continuing to carry out our successful business plan while improving our strong credit ratios, including cash interest coverage and debt to capitalization.

"In short, our fixed-income and equity investors can be assured that we are and will continue to be the company they know and trust."

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