On April 19, 2005, Standard&Poor's Ratings Services raised its corporate credit ratings on DPL Inc. and its regulated subsidiary, Dayton Power&Light Co. (DP&L), to 'BB' from 'BB-'. Standard&Poor's also affirmed its 'BBB-' rating on DP&L's first mortgage bonds. All the ratings were removed from CreditWatch with positive implications where they were placed on Feb. 14, 2005 following the company's announcement of its proposed asset sale of its investment portfolio. The outlook is positive. Dayton, Ohio-based DPL had about $2.1 billion of debt outstanding as of Dec. 31, 2004. The rating action follows the company's filing with the SEC of its audited financial statements 2004 Form 10-K with relatively minimal and immaterial restatements, and the
