The corporate credit rating on DPL Inc. reflects the company's high debt leverage, weak cash flow coverage measures, modest liquidity and its below average business risk profile of the consolidated enterprise, including its utility subsidiary, Dayton Power&Light Co., and its higher risk investment portfolio. DPL's current stated objective is to remain a stand-alone company, with the intent to emphasize its regulated transmission and distribution operations and nonregulated power generation and self-liquidate its investment portfolio. These above-mentioned credits risks and weakness are partially offset by the operations at Dayton Power&Light, which provide a significant amount of consolidated operating income and have a sound business profile, characterized by modest population growth and low-cost generating plants. Dayton Power&
