The corporate credit rating for DPL Inc. reflects the financial and business risk profile analysis of the consolidated enterprise, including utility subsidiary Dayton Power&Light Co. DPL's stated objective is to remain a stand-alone company, with the intent to emphasize its regulated transmission and distribution operations and nonregulated power generation. Consolidated credit challenges include: DPL's stated objective to remain a stand-alone entity is challenged by its size and scope in comparison to other more formidable competitors in a deregulated market. The business-risk profile, which includes nonregulated power generation, requires stronger credit protection measures to offset risk. DPL's peaking units could face transmission issues and competitive pressures over the longer term. Potential for tighter nitrogen oxide standards. A potential risk
