High debt leverage, Weak cash flow credit protection measures, Increased capital expenditures for environmental needs through 2006-2009, and Uncertainty regarding new leadership and management team. Solid, stable regulated utility operations and cash flows, and Focus on continued debt reduction and core utility operations. The rating on DPL Inc. reflects the company's continued improvement in its financial profile with the reduction of about $450 million of debt and improved cash flow generation from its core utility operations as well as its focus on improving its internal control and past corporate governance issues. Still, the company's credit profile is affected by its aggressive financial profile with high debt leverage, weak--albeit improving--cash flow coverage measures, adequate liquidity, and its satisfactory business risk profile
