Standard&Poor's Ratings Services' 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 "strong" business risk profile and its "aggressive" financial risk profile under our criteria. (We rank business risk from "excellent" to "vulnerable" and financial risk from "minimal" to "highly leveraged.") The ratings are on CreditWatch with negative implications, reflecting the potential that we will lower our ratings on both entities in the near term after we gain more clarity on the timing and transition to full market rates for DP&L. We have
