...On April 6, 2020, Fitch Ratings downgraded DPL Inc.'s Long-Term Issuer Default Rating (LT IDR) to `BB' from `BB+'. Fitch also affirmed Dayton Power and Light's (DP&L) LT IDR at `BBB¡'. The Rating Outlooks for both entities are Negative. Fitch expects DPL's FFO-adjusted leverage to exceed 7.5x for three years, longer than expected. Additionally, DPL's covenants under the revolver are likely to be breached in 2020. The Negative Outlooks could stabilize if DPL renegotiates the covenants and receives reasonable orders from several regulatory proceedings. DP&L's ratings are constrained upwards as DPL relies on DP&L for debt service....
