The ratings on utility holding company DPL Inc., whose principal subsidiary is Dayton Power&Light Co. (DP&L), reflect an excellent business risk profile (we rank utility business risk profiles from "excellent" to "vulnerable") and an intermediate consolidated financial profile (we rank financial profiles from "minimal" to "highly leveraged"). The company's excellent business risk profile is based on a constructive regulatory climate in Ohio which Standard&Poor's Ratings Services views as "credit supportive," a focus on a relatively low-risk regulated core utility business model, generally low-cost generating facilities, and the completion of a heavy environmental compliance program. Although retail competition in Ohio has increased, affiliate DPL Energy Resources provides the bulk (96%) of DP&L's estimated 35% switch load. In
