S&P: DPL outlook positive

Standard & Poor's said it revised the outlook on DPL Inc. and its subsidiary, Dayton Power & Light Co., to positive from stable and affirmed the BBB corporate credit rating.

The outlook revision reflects the progress that has been made on various plant environmental upgrades that have been timely and on budget, the agency said.

In addition, DPL's consolidated creditworthiness had been somewhat constrained due to its relatively high debt leverage (65% for the year ended December), environmental capital expenditures and reinstatement of its sizeable dividends ($120 million annually), but S&P said the financial profile is showing signs of improvement: DPL has completed its $400 million share repurchase program, retired its $225 million debt maturity in March 2007 and completed installation of flue gas desulfurization equipment at its Killen Station.

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