On March 16, 2004, Standard&Poor's Ratings Services affirmed its 'BB' corporate credit ratings on utility holding company DPL Inc. and utility affiliate Dayton Power&Light Co. and placed them on CreditWatch with negative implications in response to the firm's announcement that it has filed for an extension to submit its 10-K filing with the SEC. Dayton, Ohio-based DPL has about $2.6 billion of total debt outstanding. The CreditWatch placement for DPL and Dayton Power&Light reflects Standard&Poor's concern that the delayed 10-K filing may affect the firm's liquidity position and access to capital markets, which may hinder the firm from refinancing $500 million in debt maturities coming due in April 2004. In the event
