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S&P upgrades DPL debt
S&P said it affirmed its BB- issuer credit rating on Dayton Power & Light Co. (DP&L) and affirmed the BBB- issue-level rating on its senior secured debt. The 1+ recovery rating is unchanged, indicating an expectation for full (100%) recovery in the event of a payment default.
The agency also raised the issue-level rating on DPL Inc.'s senior unsecured debt to BB- from B+ after revising the recovery rating to 4 from 5. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default.
The outlook is negative.
S&P said the actions reflect the recent transfer of DP&L’s generation assets to AES Ohio Generation, transforming DP&L into a low-risk transmission and distribution utility and potentially improving its ability to manage regulatory risk going forward.
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