Research Update: Dolphin Subsidiary II's $1.25 Billion Notes Rated 'BB+'; 'BBB-' Corporate Credit Rating Assigned; Outlook Stable Sep 11
Standard & Poors, September 2011
Abstract
As part of the financing for the acquisition of DPL Inc global power developer AES Corp. has formed a special-purpose vehicle to raise $1.25 billion. We have assigned our 'BBB-' corporate credit and 'BB+' senior unsecured ratings to Dolphin Subsidiary II Inc., the newly formed AES subsidiary. The outlook is stable. On Sept. 26, 2011, Standard & Poor's Ratings Services assigned its 'BBB-' corporate credit rating to Dolphin Subsidiary II Inc. (Dolphin), a newly formed special-purpose subsidiary of global power developer AES Corp. AES is merging with DPL Inc. The ratings on Dolphin reflect our assessment of DPL's credit quality on completion of the merger (see the research update on the merger on RatingsDirect). This is because DPL will eventually...
Companies mentioned in this report are: Dolphin Subsidiary II Inc,DPL Inc.,The AES Corp.
Action: New Rating
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Dolphin Subsidiary II Inc,DPL Inc.,The AES Corp.
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