Fitch cuts DPL, Dayton Power & Light

Fitch Ratings said it downgraded the issuer default rating of DPL, Inc. to B+ from BB and Dayton Power & Light Co.'s issuer default rating to BB+ from BBB-.

The agency also downgraded Dayton Power & Light's senior secured debt to BBB from BBB+, preferred stock to BB from BB+ and short-term issuer default rating to B from F3.

In addition, both companies were removed from the Rating Watch Negative where they were placed on Nov. 7, 2012.

The outlook is stable.

Fitch said the issuer default ratings of both entities consider the combined leverage, consisting of approximately $1.5 billion of debt at DPL and $900 million of debt at Dayton Power & Light.

The agency currently notches Dayton Power & Light's issuer default rating by three notches from that of DPL, reflecting a low-risk regulated business, stability of cash flow, supportive regulatory framework in Ohio and a supportive stand-alone financial profile.

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