S&P ups DPL

Standard & Poor's said it raised its corporate credit ratings on DPL Inc. and its regulated subsidiary, Dayton Power & Light Co. to BB+ from BB.

In addition, S&P said it raised its rating on Dayton Power's first mortgage bonds to BBB from BBB-.

The outlook is positive.

S&P said that the rating action incorporates the company's continued improvement in its financial profile with the reduction of about $450 million of debt and improved cash flow generation from its core utility operations as well as its focus on improving its internal control and past corporate governance issues.

Still, the company's credit profile is affected by its aggressive financial profile with high debt leverage, weak, albeit improving, cash flow coverage measures, adequate liquidity and its satisfactory business risk profile risk of the consolidated enterprise, the agency added.

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