Standard&Poor's Ratings Services' 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 and the balance of $2 billion by AES (raised in the second quarter of 2011) and cash. Subsidiary DP&L will raise no incremental debt. In June, DPL received early termination of the Hart-Scott Rodino Act waiting period. Regulatory approval is still pending from DPL shareholders (scheduled for Sept. 23, 2011), the Federal Energy Regulatory Commission, and the Public Utility
