Focus on integrated utility business with nominal unregulated operations remaining; Credit-supportive Ohio regulatory climate; Prospectively manageable construction program; Solid liquidity position; and Generating free cash flow. Declining liberal debt leverage; Challenging economic conditions; and Limited fuel diversity, virtually all coal-fired. 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'). The company's excellent business risk profile is based on a constructive regulatory climate in Ohio, a focus on a relatively low-risk regulated core utility business model, generally low-cost generating facilities, the
