Standard&Poor's Ratings Services' ratings on utility holding company DPL Inc. and principal subsidiary Dayton Power&Light Co. (DP&L) are on CreditWatch with negative implications. The CreditWatch listing reflects the AES Corp.'s (BB/Watch Neg/--) firm offer to purchase all of DPL Inc.'s common equity. The proposed $3.5 billion acquisition is being financed with $1.25 billion of DPL Inc. debt, about $1.37 billion of funds received from the China Investment Corporation (CIC), $680 million of AES debt, and $200 million of asset sale proceeds and cash on hand. In March 2010, AES received an aggregate $1.58 billion from the CIC for a 15% stake in AES. AES has used about $1.37 billion of those proceeds to temporarily pay down
