...Modest Pace of Deleveraging: DPL Inc. (DPL) remains highly leveraged, with a LTM ending June 30, 2015 consolidated adjusted debt-to-EBITDAR ratio of 4.9x. Fitch Ratings expects DPL to pay down its 2016 debt maturities mainly from cash on hand and operating cash flows. Fitch nevertheless expects the consolidated debt-to-EBITDAR ratio to remain around 5.0x and the consolidated FFO fixed-charge coverage ratio to remain between 2.6x and 3.2x through 2018. Regulatory Support: Fitch has assumed continuous regulatory support for DPL's regulated subsidiary, Dayton Power & Light Co. (DP&L, BB+/Stable), post corporate separation that would allow the utility to right size its capital structure over time from the currently elevated debt levels. The regulatory support could take the form of an additional service stability rider or other cash flow-improving regulatory measures. Absence of meaningful regulatory support post corporate separation could pressure DP&L's credit metrics, and DPL's in turn....
