NEW YORK (Standard&Poor's) Dec. 10, 2003--Standard&Poor's Ratings Services said today that it lowered its corporate credit ratings on DPL Inc. and its regulated subsidiary, Dayton Power&Light Co. (DP&L), to 'BB' from 'BBB'. At the same time, Standard&Poor's lowered all of its ratings on DPL and DP&L. Standard&Poor's lowered its rating on DP&L's first mortgage bonds to 'BBB-' from 'BBB'. The company's first mortgage bonds are rated two notches higher than the corporate credit rating because Standard&Poor's ultimate recovery analysis attributes substantial value to the collateral. All the ratings were removed from CreditWatch with negative implications. The outlook is stable. Dayton, Ohio-based DPL had about $2.6 billion of debt
