DPL Inc. Apr 11
Standard & Poors, April 2011
Abstract
Credit-supportive Ohio regulatory climate, Prospectively manageable construction program, and Free cash flow generation. Increasing retail competition, Weakened (though stabilizing) Dayton economy, Limited fuel diversity, and A substantial amount of additional debt after acquisition by AES Corp. Standard & Poor's Ratings Services' ratings on utility holding company DPL Inc. and principal subsidiary Dayton Power & Light Co. (DP&L) are on CreditWatch with negative implications. The CreditWatch listing reflects AES Corp.'s (BB/Watch Neg/--) firm offer to purchase all of DPL Inc.'s common equity. The proposed $3.5 billion acquisition is being financed with $1.25 billion of DPL Inc. debt, about $1.37 billion of funds received from the China Investment Corporation (CIC), $680 million of AES debt, and $200 million of asset sale proceeds...
Companies mentioned in this report are: DPL Inc.,Dayton Power & Light Co.,AES Corp. (The)
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
DPL Inc.,Dayton Power & Light Co.,AES Corp. (The)
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