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Fitch upgrades DPL, Dayton Power
Fitch Ratings said it upgraded DPL Inc.'s long-term issuer default rating to BBB- from BB.
Fitch also upgraded DPL's senior unsecured rating to BBB- from BB+ with recovery rating of RR2.
The agency also said it upgraded Dayton Power and Light's (DP&L) long-term issuer default rating to BBB from BBB- and upgraded DP&L's senior secured rating to A- from BBB+.
The outlook on all of the ratings was revised to stable from positive.
The upgrades consider the favorable outcome of DP&L's distribution-rate case, 100% regulated business model and expected improvement in credit metrics, the agency said.
DPL has become a nearly 100% regulated transmission and distribution utility holding company, Fitch said.
The transformation meaningfully reduces its operating risks and eliminates exposure to competitive generation in a deregulated and stressed energy market in Ohio, the agency said.
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