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 intermediate 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 excellent business risk profile is a function of a constructive regulatory climate in Ohio, a focus on a relatively low risk regulated core utility business model, generally low-cost generating facilities, the completion of the DP&L-managed environmental compliance program, and no appreciable
