TEXT-S&P cuts Dynegy rating to 'D'

Overview -- U.S. independent power producer Dynegy Inc. filed for Chapter 11 bankruptcy protection. -- We expected this filing after the bankruptcy proceedings on Dynegy Inc.'s subsidiary, Dynegy Holdings LLC (not rated). -- We lowered Dynegy Inc.'s rating to 'D'. -- We affirmed subsidiary Dynegy Power LLC's rating at CCC+/Negative/--. Rating Action On July 6, 2012, Standard & Poor's Ratings Services lowered Dynegy Inc.'s corporate credit rating to 'D' following its bankr