Dayton Power & Light Co. Dec 11

Standard & Poors, December 2011

Abstract
Cumulative enhancements that insulate it from parent AES Corp.'s speculative-grade rating Prospectively manageable construction program Generally low-cost generating facilities Increasing retail competition A weakened, albeit stabilizing, economy in Dayton Limited fuel diversity, virtually all coal-fired Aggressive debt leverage Greater dependence on unregulated retail energy segment cash flows The ratings on Dayton Power & Light Co. (DP&L) are based on the consolidated credit profile of its direct parent, utility holding company DPL Inc. DPL is a subsidiary of parent AES Corp. The ratings on DPL reflect its consolidated credit profile, which includes its association with the weaker credit quality of its new parent, AES Corp. (BB-/Stable/--). The ratings also reflect DPL's "excellent" business risk profile and its "aggressive" financial risk profile,...

Companies mentioned in this report are:
- Dayton Power & Light Co.
- Indianapolis Power & Light Co.
- IPALCO Enterprises Inc.
- DPL Inc.
- The AES Corp.
- AES Gener S.A.
- AES Ironwood LLC
- Red Oak Power LLC
- AES Sul Distribuidora Gaucha de Energia S.A.
- AES CHIVOR & CIA S.C.A. E.S.P.
- Dolphin Subsidiary II Inc

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

- Dayton Power & Light Co.
- Indianapolis Power & Light Co.
- IPALCO Enterprises Inc.
- DPL Inc.
- The AES Corp.
- AES Gener S.A.
- AES Ironwood LLC
- Red Oak Power LLC
- AES Sul Distribuidora Gaucha de Energia S.A.
- AES CHIVOR & CIA S.C.A. E.S.P.
- Dolphin Subsidiary II Inc

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