On Aug. 1, 2006, Standard&Poor's Ratings Services raised its corporate credit ratings on DPL Inc. and its regulated subsidiary, Dayton Power&Light Co. (DP&L), to 'BB+' from 'BB'. In addition, Standard&Poor's raised its rating on DP&L's first mortgage bonds to 'BBB' from 'BBB-'. The outlook is positive. Dayton, Ohio-based DPL had about $1.7 billion of debt outstanding as of March 31, 2006. The rating action incorporates the company's continued improvement in its financial profile with the reduction of about $450 million of debt and improved cash flow generation from its its core utility operations as well as its focus on improving its internal control and past corporate governance issues. Still, the company's credit profile is
