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'). The company's excellent business risk profile is based on 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 a heavy environmental compliance program, and no appreciable customer switching to date. In addition, DPL has taken meaningful actions to repair its balance sheet, improve its overall financial condition, strengthen corporate governance, and reduce business and financial risk
