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VIRGINIA ELECTRIC $100 MIL. PFD. STOCK RATED 'A' BY FITCH --FITCH FINANCIAL WIRE --

 VIRGINIA ELECTRIC $100 MIL. PFD. STOCK RATED 'A' BY FITCH
 --FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 11 /PRNewswire/ -- Virginia Electric and Power Co.'s new issue of $100 million preferred stock is rated 'A' by Fitch. The issue is in two parts: $50 million September 1992A series auction market preferred stock and $50 million September 1992B series auction market preferred stock. The credit trend is stable.
 While financial protection measures have improved for this major subsidiary of Dominion Resources, Inc., as partly evidenced by cost reductions and an $80 million rate increase, the milder than normal weather has not helped strengthen the recovery. For the twelve months ended June 30, SEC pre-tax interest charge coverage was 2.94 times(x) vs. 2.93x at year-end 1991. Additionally, a $26 million refund ordered by the Virginia State Corporation Commission affected earnings. This refund was the result of a remand by the Virginia Supreme Court of the utility's 1990 rate increase.
 Furthermore, two cases regarding rate increases for Virginia Power are pending before the Commission. The first case, filed in 1991, asks for $158 million; the second, filed in 1992, requests another $166 million. The utility put the higher rates in effect Sept. 1, 1991, based on the 13 percent equity return last authorized, subject to refund.
 Virginia Electric, headquartered in Richmond, provides electric service to a 30,000 square-mile area of Virginia and portions of North Carolina.
 -0- 9/11/92
 /CONTACT: Anne F. Faber of Fitch, 212-908-0566/ CO: Virginia Electric and Power Co. ST: Virginia IN: UTI SU: RTG


TM -- NY061 -- 8600 09/11/92 16:04 EDT
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Date:Sep 11, 1992
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