NEW YORK (Standard&Poor's) July 14, 2005--Standard&Poor's Ratings Services said today that DPL Inc.'s (BB/Positive/--) announcement that its board has authorized the use of $500 million garnered from the sale of its private equity portfolio to reduce debt would not immediately affect the ratings or outlook on the company. The $500 million debt-reduction plan is consistent with Standard&Poor's expectations and is incorporated in DPL's current ratings and outlook. Future upward momentum for DPL's credit ratings will be correlated with new management's continuing commitment to reconcile the company's former weak internal controls and corporate governance issues, combined with the utility's sufficient cash flow generation and further reduction of DPL's consolidated debt leverage.
