Cumulative enhancements that insulate it from parent AES Corp.'s speculative-grade rating Prospectively manageable construction program Generally low-cost generating facilities Increasing retail competition A weakened, albeit stabilizing, economy in Dayton Limited fuel diversity, virtually all coal-fired Aggressive debt leverage Greater dependence on unregulated retail energy segment cash flows The ratings on DPL Inc. reflect its consolidated credit profile, which includes its association with the weaker credit quality of its new parent, AES Corp. (BB-/Stable/--). DPL is the holding company for regulated electric utility Dayton Power&Light Co. (DP&L). The ratings also reflect DPL's "excellent" business risk profile and its "aggressive" financial risk profile, as defined in our criteria. (We rank business risk for utilities from "excellent" to "vulnerable" and financial
