- Language: English
- Published: May 2012
- Region: Israel
Summary: Dolphin Subsidiary II Inc. Nov 11
- Published: November 2011
- Standard & Poors
The ratings on Dolphin Subsidiary II Inc. 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 assume the notes when the merger closes. However, until then, DPL has no obligations under the notes. Standard and Poor's rating on Dolphin's $1.25 billion senior unsecured notes is 'BB+'. The one-notch difference between the corporate credit rating and the unsecured debt rating indicates the structural subordination of the notes with respect to claims on the assets of DPL's subsidiaries. The private offering consisted of a $450 million aggregate principal amount of 6.50% senior notes due 2016 and an $800 million aggregate principal amount of 7.25%...
Companies mentioned in this report are: Dolphin Subsidiary II Inc
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Dolphin Subsidiary II Inc