NEW YORK (Standard&Poor's) Sept. 5, 2002--Standard&Poor's Ratings Services said today that it lowered its corporate credit rating on DPL Inc. and its regulated subsidiary, Dayton Power&Light Co. (DP&L), to triple-'B' from triple-'B'-plus. The outlook is stable. DPL, a Dayton, Ohio-based electric power company has $2.1 billion of debt outstanding as of June 30, 2002. The ratings action reflects lower cash flow coverage measures, high, consolidated debt leverage and decreased wholesale power pricing expectations on peaking power plant investments. "Expected credit protection measures for the DPL enterprise are commensurate with a triple-'B' corporate credit rating," said Standard&Poor's credit analyst Todd A. Shipman. DPL's cash flow potential has been adversely affected by weaker-than-wholesale energy
