NEW YORK (Standard&Poor's) May 23, 2003--Standard&Poor's Ratings Services said today that DPL Inc.'s (BBB/Stable/A-2) announcement that the company plans to refinance approximately $750 million of its long-term debt, and also reduce debt by $300 million over the next two and half years, has no immediate effect on the company's current ratings or outlook. DPL's announced plans are consistent with Standard&Poor's expectations that DPL should continue to generate improving positive cash flow and reduce debt to enhance its financial profile.