In our view, the expected transition of Dayton Power&Light Co.'s generation to market rates in Ohio and the expansion of parent DPL Inc.'s retail marketing activities increases the business risk of both entities. We have placed our ratings on DPL and Dayton Power&Light, including the 'BBB-' long-term corporate credit ratings on both, on CreditWatch with negative implications. The CreditWatch reflects the potential that we will lower our ratings on both in the near term after we gain more clarity on the timing and transition to full market rates for Dayton Power&Light. NEW YORK (Standard&Poor's) April 23, 2012--Standard&Poor's Ratings Services today placed its ratings DPL Inc. and subsidiary Dayton Power&
