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VIRGINIA ELECTRIC $370 MILLION SENIOR DEBT RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 VIRGINIA ELECTRIC $370 MILLION SENIOR DEBT RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 9 /PRNewswire/ -- Virginia Electric and Power Co.'s $370 million new issue of first and refunding mortgage bonds is rated 'A+' by Fitch. The two-part issue includes $155 million 7.375 percent bonds due July 1, 2002, and $215 million 7.625 percent bonds due July 1, 2007. The credit trend is stable.
 Affirmed are Virginia Electric's outstanding $2.6 billion 'A+' first and refunding mortgage bonds, $285 million 'A' Series D medium-term notes, $200 million 'A' medium-term shelf notes, $744 million 'A' preferred stock, and $388.6 million 'A/F-1' money-market municipals pollution control revenue bonds. The 'F-1' commercial paper program for Virginia Power Fuel Corp., for which Virginia Electric is beneficiary, is affirmed.
 Financial protection measures have improved for this major subsidiary of Dominion Resources. Two cases are pending before the Virginia State Corporation Commission, one filed in 1991 asking for $158 million and another for $166 million filed in 1992. Rating maintenance is predicated on the continuation of regulatory support for financial protection measures consistent with a strong 'A' rating.
 Pretax interest coverage increased to 3.01 times(x) for the 12 months ended March 31 from 2.98x at year-end 1991. Internal cash flow as a percent of construction outlays fell to 84 percent from 89 percent over this same period. Capitalization remains conservative at 47.4 percent total debt, 9.0 percent preferred stock, and 43.6 percent common equity.
 Virginia Power has increased its reliance on purchased power; it will constitute 20 percent of total generating capacity by the end of 1993. However, Fitch views the pass-through of these costs in rates as a partial offset to the increased risk.
 Expenditures for 1992-94, including allowance for funds used during construction, are estimated at $2.6 billion. Internal cash generation should provide about 60 percent of construction costs.
 Virginia Electric, headquartered in Richmond, Va., provides electric service to a 30,000 square-mile area of Virginia and portions of North Carolina.
 -0- 7/9/92
 /CONTACT: Anne F. Faber of Fitch, 212-908-0566/
 (D) CO: Virginia Electric and Power Co. ST: Virginia IN: UTI SU: RTG


CK -- NY078 -- 8033 07/09/92 17:12 EDT
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Date:Jul 9, 1992
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