NEW YORK (Standard&Poor's CreditWire) Feb. 2, 2000--Standard&Poor's today lowered its ratings on DPL Inc. and its utility affiliate Dayton Power&Light Co. (see list below). The outlook for both entities is revised to stable from negative. The rating actions follow the announcement that DPL will be issuing up to $975 million of trust preferred and senior unsecured securities to repurchase about 20% of outstanding common shares, retire short-term debt, and invest in peaking generation assets. As part of the recapitalization, an affiliate of Kohlberg Kravis Roberts&Co. (KKR) will make a strategic investment in the company through the private placement of $550 million of 8.5% trust preferred securities with a term of 30 years,
