...NEW YORK (S&P Global Ratings) June 17, 2020--S&P Global Ratings today assigned its '##' rating to U.S.-based electric utility DPL Inc.'s (##/Negative/--) proposed senior unsecured notes. The company intends to use the net proceeds from this issuance to redeem all of its outstanding 7.25% senior unsecured notes due 2021 and to pay certain related fees and expenses, with any remaining proceeds used for general corporate purposes. The notes will be DPL's unsecured and unsubordinated obligations, ranking equally in right of payment with all of DPL's other senior unsecured debt. As such, we rate these notes on a senior unsecured basis. The recovery rating is '3', indicating our expectation for meaningful (50%-70%; rounded estimate 55%) recovery under a hypothetical payment default scenario. All of our ratings on the company are unchanged, including the '##' issuer credit rating. The outlook is negative. For the complete credit rating rationale, see our research update published on Nov. 26, 2019....
