DPL Inc. -- Moody's downgrades DP&L's secured rating to Baa2 and DPL's unsecured rating to Ba3; outlooks stable

New York, September 19, 2014 -- Moody's Investors Service downgraded the senior secured long-term debt rating of Dayton Power & Light Company (DP&L) and its backed revenue bond ratings to Baa2 from Baa1. Concurrently, Moody's affirmed DP&L's Baa3 Issuer and senior unsecured rating as well as its Ba2 preferred stock rating. Separately, Moody's downgraded the senior unsecured long-term debt rating of DPL Inc and Dolphin Sub II, Inc.'s (assumed by DPL Inc.) to Ba3 from Ba2. These rating actions conclude the review for possible downgrade that commenced on September 15, 2014. The rating outlook of DP&L and DPL is stable.

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