THE DAYTON POWER AND LIGHT COMPANY $220 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'A+'
CHICAGO, Feb. 10 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of A+' (Single-A-Plus) to The Dayton Power and Light Company's $220 million shelf registration of first mortgage bonds. The rating recognizes the improvement in financial protection measures and cash flows resulting from the Zimmer coal plant three-year rate settlement in early 1992. Continued improvement is expected under the settlement. As part of the settlement, Dayton Power and Light agreed to substantially expand its demand side management efforts. Construction will return to more manageable levels. Expenditures will largely reflect the addition of new peaking capacity, and the stepped-up demand side management programs agreed to in the settlement. The company's acid rain requirements are minimal and will center on fuel-switching. Dayton Power and Light is a low-cost energy producer and has well- maintained, efficient plants. Management strategy has been effective in positioning the company for the risks the industry faces. Dayton Power and Light Company, the principal subsidiary of DPL Inc., provides electric, natural gas, and steam heating service in a 6,000 square mile area of west central Ohio. -0- 2/10/93 /CONTACT: William A. Abrams, CFA of Duff & Phelps, 312-368-3112/ (DPL)
CO: Dayton Power and Light Company ST: Ohio IN: UTI SU: RTG
PS -- NY047 -- 5135 02/10/93 12:05 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 10, 1993|
|Previous Article:||COMPLETE COMPLIANCE REPORTS YEAR END REVENUES AND LOSS|
|Next Article:||CLEVELAND ELECTRIC ILLUMINATING COMPANY $150 MILLION FIRST MORTGAGE BONDS 'BBB-'|