Focus on integrated utility business with nominal unregulated operations remaining; Constructive Ohio regulatory climate; Manageable construction program; Solid liquidity position; and Generating positive free cash flow. High debt leverage; Declining industrial sales; and Limited fuel diversity. The ratings on utility holding company DPL Inc., whose principal subsidiary is Dayton Power&Light Co. (DP&L), reflect an excellent business risk profile (utility business risk profiles are ranked from 'excellent' to 'vulnerable') and an intermediate consolidated financial profile (financial profiles are ranked from 'minimal' to 'highly leveraged'). DPL has taken meaningful actions to repair its balance sheet, improve its overall financial condition, strengthen corporate governance, and reduce and business and financial risk in recent years. The company's excellent business risk profile is
