On April 22, 2009, Standard&Poor's Ratings Services raised its ratings on Dayton, Ohio-based utility holding company DPL Inc. and principal subsidiary Dayton Power&Light Co. (DP&L), including the corporate credit ratings to 'A-' from 'BBB'. Approximately $1.55 billion of total debt was outstanding at Dec. 31, 2008. The outlook is stable on all entities. The upgrade reflects material improvement in the firm's financial profile exhibited by strong cash flow protection measures and improved leverage metrics. In addition, the Public Utilities Commission of Ohio's (PUCO) expected approval of a recent settlement agreement regarding DP&L's electric security plan (ESP) filing and the winding down of a heavy construction program support the rating upgrade. The company's excellent business risk profile
