Fitch Ratings and Moody’s Investors Service last week down-ngraded DPL Inc. to their highest speculative grade after the November n28 closing of the acquisition by AES Corp. for $30/share in cash n($3.54 bilion). They differed from Standard & Poor’s Ratings which cut nDPL and Dayton Power & Light from A- to BBB- (S&P’s lowest invest-nment grade) November 22. S&P and Platts are units of The McGraw-Hill nCompanies. All three cited DPL’s higher leverage, and AES’ lower rat-nings. But Moody’s also upgraded AES’ corporate family rating and senior nunsecured debt from B1 to Ba3 (the third highest speculative grade). nThe acquisition strengthened AES’ financial position by improving the nscale, diversity and cash flow quality of North American operations and nincreased cash flow from regulated utilities from 25% to about 40%, nnoted Vice President–Senior Analyst Scott Solomon. Moody’s slashed nDPL’s senior unsecured debt from Baa1 to Ba1 (the highest speculative ngrade), and the issuer rating of DP&L from A2 to Baa2. It cited DPL’s nassumption of $1.25 billion of senior unsecured notes issued by AES nunit Dolphin Sub II to fund the acquisition. That impacted credit metrics, nand dividend payments to AES will reduce DPL’s cash flow and financial nflexibility, added Analyst Mitchell Moss. The DP&L downgrade reflects nDPL’s higher leverage at DPL and minimal ring-fencing between the util-nity and holding company, partially offset by supportive Ohio regulation, nMoody’s said. Fitch downgraded DPL’s issuer default rating and senior nunsecured debt from BBB+ to BB+ (the highest speculative grade), cit-ning higher leverage as well as AES’ lower rating (IDR B+, outlook stable). nFitch also cut DP&L’s IDR from BBB+ to BBB-, reflecting the DPL down-ngrade as well as the increasingly competitive Ohio retail power market nand exposure of its nearly 100% coal plant fleet to potential higher nenvironmental compliance costs. Fitch and Moody’s also cited DP&L’s nstrong stand-alone credit metrics.
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机译：Fitch Ratings和穆迪投资者服务公司上周将DPL Inc.的股票评级降至最高投机级别，此前AES Corp.在11月n28日以每股30美元的现金现金收购价格（35.4亿美元）。它们与标准普尔（Standard＆Poor's）评级不同，后者将nDPL和Dayton Power＆Light从11月22日从A-降至BBB-（标准普尔的最低投资级别），标准普尔和普氏能源资讯是麦格劳-希尔nCompanies的子公司。这三者均表示DPL的杠杆率较高，而AES的评级较低。但是，穆迪还将AES的企业家族评级和高级无抵押债务从B1提升至Ba3（投机等级第三高）。 n副总裁兼高级分析师斯科特·所罗门（Scott Solomon）表示，此次收购通过改善北美业务的nscale，多样性和现金流质量，以及将受监管公用事业的现金流从25％增加到约40％，增强了AES的财务状况。穆迪将nDPL的高级无抵押债务从Baa1削减至Ba1（最高投机性ngrade），将DP＆L的发行人评级从A2降低至Baa2。它援引DPL的名义发行了12.5亿美元的AES nunit Dolphin Sub II发行的高级无抵押票据，以资助此次收购。分析师米歇尔·莫斯（Mitchell Moss）补充说，这影响了信用指标，向AES支付的股息和股息，将减少DPL的现金流量和财务灵活性。 nMoody表示，DP＆L降级反映了nDPL在DPL方面的更高杠杆作用以及公用事业公司与控股公司之间的最低限度的交易，部分抵消了俄亥俄州的支持性法规。惠誉将DPL的发行人违约评级和优先级无担保债务从BBB +降级为BB +（最高投机级），理由是杠杆率较高，而AES评级较低（IDR B +，前景稳定）。 nFitch还将DP＆L的IDR从BBB +降低到BBB-，这反映了DPL降级，以及俄亥俄州零售电力市场竞争日趋激烈，以及其近100％的燃煤电厂车队面临潜在的更高的环保合规成本。惠誉（Fitch）和穆迪（Moody's）还引用了DP＆L强大的独立信用指标。
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