SNPMarketScopeResearchNotes2009-04-23 09:31:09.000DPLDPL INCCMuirS&P MAINTAINS STRONG BUY OPINION ON SHARES OF DPL INCS&P Ratings Services (an entity that operates independently of S&P Equity Research) raised its credit rating on DPL two notches to "A-" from "BBB", citing strong cash flow protection and improved leverage metrics. We believe DPL will benefit from the expected approval of its settlement with regulatory staff in Ohio that extends its rate structure through 2012 while allowing for adjustments for certain expenses, such as fuel. We are keeping our '09 and '10 EPS estimates unchanged at $2.18 and $2.30, but raising our 12-month target price by $1 to $29 on higher peer valuations.