The ratings on Dayton, Ohio-based utility holding company DPL Inc. and principal subsidiary Dayton Power&Light Co. (DP&L) remain on CreditWatch with negative implications. The negative CreditWatch listing reflects AES Corp.'s (BB-/Stable/--) firm offer to purchase all of DPL's common equity. The proposed $3.5 billion acquisition is being financed with $1.25 billion of debt at DPL, $2.05 billion of debt issued at AES, and cash. Subsidiary DP&L will raise no incremental debt. The target to complete the acquisition is the first quarter of 2012, with approvals still pending from shareholders, the Federal Energy Regulatory Commission, the Securities and Exchange Commission, and the Public Utility Commission of Ohio. Standard&Poor's expects to resolve the CreditWatch listing on DPL and
