The corporate credit rating for DPL Inc. reflects the financial and business risk profile analysis of the consolidated enterprise, including utility subsidiary Dayton Power&Light Co. DPL's stated objective is to remain as a stand-alone company, with the intent to emphasize its regulated transmission and distribution operations and nonregulated power development. Moreover, the rating reflects the following strengths: Dayton Power&Light provides the bulk of consolidated operating income with a solid business profile characterized by well-run, low-cost generating plants near the bottom of the East Coast Area Reliability (ECAR) region, constructive regulation, and a diverse service-area economy. Power development capitalizes on being an early entrant in the ECAR region. DPL's track record of operating plants could offset some
