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, where they were placed with negative implications on April 20, 2011. 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 by AES. Because the interest rate environment is uncertain, AES has already raised financing at the parent level in the form of a $1.05 billion secured term loan facility (at about 5.7%, through 2018) and $1 billion of senior unsecured notes (7.375%, due 2021). However, locking interest rates
