Moody’s turns DPL outlook to negative

Moody’s Investors Service said it revised the outlooks for DPL Inc. and Dayton Power & Light Co. to negative from stable and affirmed their ratings, including DPL's Ba1 senior unsecured rating and DP&L's Baa2 issuer rating.

"The negative outlooks on Dayton Power & Light Company and parent DPL reflect the organization's persistently weak consolidated financial performance, and heightened uncertainty around the credit supportiveness of the Ohio regulatory environment and the utility's relationship with key stakeholders, including the Ohio commission and its staff," said Nati Martel, a Moody’s vice president and senior analyst, in a press release.

"The regulatory lag resulting from the lengthy and delayed rate case outcome has contributed to a ratio of CFO before changes in W/C to debt of just below 7% for the last 12-month period ended June 2022, reducing the likelihood that the ratio will reach 8%, the level we have indicated will be supportive of its current rating, at year-end 2022," Martel added.

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