On April 18, 2008, Standard&Poor's Ratings Services revised the outlook on DPL Inc. and its subsidiary, Dayton Power&Light Co. (DP&L), to positive from stable. At the same time, Standard&Poor's affirmed its 'BBB' corporate credit rating. The rating action reflects the progress that has been made on various plant environmental upgrades that have been timely and on budget, as well as gradual improvement in the overall financial profile. The ratings on Dayton, Ohio-based DPL reflect falling business risk centered on DP&L's core electric utility operations and the prospect for continued improvement in the consolidated financial profile. Future uncertainty over the direction of utility regulation in Ohio and the company's strategic direction in reaction to any
