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Fitch upgrades ratings of DPL, Dayton Power & Light on distribution rate hike

Fitch Ratings on Oct. 9 upgraded the long-term issuer default rating of DPL Inc. to BBB- from BB, following the recent approval of Dayton Power and Light Co.'s distribution rate hike.

Fitch also upgraded DPL's senior unsecured rating to BBB- from BB+/RR2 and upgraded Dayton Power and Light's long-term issuer default rating to BBB from BBB- and senior secured rating to A- from BBB+. All rating outlooks were revised to stable from positive.

Ohio regulators approved a 13.6% base rate increase and nearly $249 million revenue requirement for the AES Corp. subsidiary Sept. 26. "The recent distribution rate case approval was credit supportive, in Fitch's view," the rating agency said.

Moody's also upgraded the ratings of DPL and Dayton Power and Light due to the rate settlement.