...November 3, 2020 - We raised our issuer credit rating on The AES Corp., the parent of DPL Inc., reflecting AES' continued steps to de-risk. - As a result, we have also raised our issuer credit ratings on DPL Inc. and its principal subsidiary, Dayton Power & Light Co. (DP&L), by one notch to '##+'. - We also raised our ratings on DPL's senior unsecured debt to '##+' from '##', and DP&L's senior secured notes to '###+' from '###'. The recovery ratings are affirmed at '3' and '1+' for DPL's senior unsecured debt, and DP&L's senior secured debt, respectively. - The outlooks on DPL and DP&L remain developing, reflecting the potential for another upgrade over the coming months if stand-alone consolidated financial measures at DPL Inc. improve. However, the outlooks also consider the possibility that if the final order materially deviates from the settlement, DPL's credit quality could weaken. We could affirm the ratings and revise the outlook to stable if funds from operations (FFO)-to-debt reflects...
