The Public Utility Commission of Ohio has recently approved the merger of AES Inc. and DPL Inc.; all required approvals have been received, and the transaction is expected to close shortly. On completion of the transaction, Dolphin Subsidiary II (a wholly owned special-purpose subsidiary of AES Corp) will merge into DPL and will cease to exist and Dolphin's ratings will be withdrawn. DPL will assume all obligations under the $1.25 billion of senior unsecured notes that were issued in September 2011 by Dolphin. We are lowering our corporate credit ratings on DPL Inc. and principal subsidiary Dayton Power&Light Co (DP&L) three notches to 'BBB-' from 'A-' and removing all ratings on DPL and DP&L from CreditWatch Negative. We
