On March 31, 2004, Standard&Poor's Ratings Services lowered its corporate credit ratings on utility holding company DPL Inc. and its utility affiliate Dayton Power&Light Co. (DP&L) to 'BB-' from 'BB'. The 'BBB-' rating on DP&L's first mortgage bonds was affirmed. All other long-term debt ratings of DPL Inc. and DP&L were lowered one notch. All ratings remain on CreditWatch with negative implications. The downgrade is in response to the company's failure to file its Form 10-K with the SEC, which immediately hinders the company's liquidity position. DPL indicated that its delay in completing its 10-K filing is due to the fact that the Audit Committee of DPL's board needs to complete its review on several areas
