The ratings on utility holding company DPL Inc., whose principal subsidiary is Dayton Power&Light Co. (DP&L), reflect an excellent business risk profile (utility business risk profiles are ranked from 'excellent' to 'vulnerable') and an aggressive consolidated financial profile (financial profiles are ranked from 'minimal' to 'highly leveraged'). DPL has taken meaningful actions to repair its balance sheet, improve its overall financial condition, strengthen corporate governance, and reduce and business and financial risk in recent years. The company's business profile benefits from a focus on a relatively low risk regulated core utility business model, generally low-cost generating plants, the completion of a significant environmental compliance program, a diverse service territory, and no appreciable customer switching. Although the regulatory climate
