Cumulative enhancements that insulate it from its lower-rated parent, AES Corp.; Prospectively manageable construction program; and Generally low-cost generating facilities. Increasing retail competition; Greater dependence on unregulated retail energy segment cash flows; A weakened, albeit stabilizing, economy in Dayton; Limited fuel diversity, virtually all coal-fired; and Aggressive debt leverage. Standard&Poor's Ratings Services' 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 "strong" business risk profile and its "aggressive" financial risk profile under our criteria. (We rank business risk from "excellent" to "vulnerable" and
