On Sept. 5, 2002, Standard&Poor's Ratings Services lowered its corporate credit rating on DPL Inc. and its regulated subsidiary, Dayton Power&Light to 'BBB' from 'BBB+'. The outlook is stable. The corporate credit rating for DPL reflects the financial and business risk profile analysis of the consolidated enterprise, including utility subsidiary Dayton Power&Light Co. (DP&L). DPL's stated objective is to remain a stand-alone company, with the intent to emphasize its regulated transmission and distribution operations and nonregulated power generation. Consolidated credit quality reflects lower cash flow coverage measures, high, consolidated debt leverage and decreased wholesale power-pricing expectations on peaking power plant investments, as well as DPL's expectations for a degree of economic recovery. DPL's cash
