Moody's boosts DPL

Moody's Investors Service said it upgraded DPL Inc.'s senior unsecured debt rating to Baa2 from Baa3 and upgraded Dayton Power and Light Co.'s senior secured debt to A2 from A3, issuer rating to A3 from Baa1 and preferred stock to Baa2 from Baa3.

Moody's said it also upgraded the trust preferred securities issued by DPL Capital Trust II to Baa3 from Ba1.

The outlook is stable.

The agency said that the upgrades reflect strong and improving consolidated cash flow coverage ratios and financial metrics that compare strongly to peer companies, especially at the utility.

"The upgrades reflect the continued deleveraging of the parent company, including the redemption of $225 million of parent company debt earlier this year and Moody's expectation that the company will continue to reduce parent company debt over the next two years," said Michael G. Haggarty, vice president and senior credit officer.

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