S&P cuts DPL, Dayton Power ratings

Standard & Poor's said it lowered its corporate credit ratings on utility holding company DPL Inc. and its utility affiliate Dayton Power & Light Co. 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, and all ratings remain on CreditWatch with negative implications.

S&P said the downgrade is in response to the company's failure to file its form 10-K with the Securities and Exchange Commission, 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 of concern, including corporate governance, compensation policy, internal controls, and potential tax liabilities addressed in an internal memo dated March 10, 2004 from the company's controller to the chair of DPL's finance and audit review committee.

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