The ratings on DPL Inc. reflect its consolidated credit profile, which includes its association with the weaker credit quality of its new parent, AES Corp. (BB-/Stable/--). DPL is the holding company for regulated electric utility Dayton Power&Light Co. (DP&L). The ratings also reflect DPL's "excellent" business risk profile and its "aggressive" financial risk profile, as defined in our criteria. (We rank business risk for utilities from "excellent" to "vulnerable" and financial risk from "minimal" to "highly leveraged.") On Nov. 22, 2011, the Public Utility Commission of Ohio's (PUCO) approved DPL's merger with AES. The commission did not impose any onerous conditions on DP&L that would damage its creditworthiness. Accordingly, on Nov. 28, 2011, the merger was completed. The
