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AES Corp.'s And DPL Inc.'s Ratings Placed On Watch Negative After Acquisition Announcement Apr 11
Standard & Poors, April 2011
Abstract
International energy developer AES Corp. has made an all-cash bid to purchase utility holding company DPL. Inc. We are placing our 'BB' corporate credit ratings on AES on CreditWatch with negative implications. We are also placing the ratings on DPL Inc. and subsidiary Dayton Power & Light Co. (DP&L) on CreditWatch negative. Based on our review of the financing, we will likely lower AES's corporate credit rating by one notch to 'BB-' when the transaction closes. If the parties complete the transaction, we will lower the ratings on DPL and DP&L by multiple notches. Still, we expect the ratings for utility DP&L to remain investment grade upon closing, given AES's stated intention to provide structural separation. NEW YORK (Standard &...
Companies mentioned in this report are: AES Corp. (The),Dayton Power & Light Co.,DPL Inc.
Action: On CreditWatch:Negative
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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