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S&P: DPL still on watch
Standard & Poor's said that its BB- corporate credit ratings on DPL Inc. and its utility subsidiary Dayton Power & Light Co. remain on CreditWatch negative following DPL's announcement that it was unable to file its 2003 form 10-K by July 31 and that it cannot provide a firm date for the filing of its 2003 form 10-K and its form 10-Q for the first and second quarters of 2004 at this time.
In S&P's view, the further delay and the 1% interest step up on its $175 million 8% notes in and of itself do not have any immediate impact on DPL's credit quality.
However, DPL's continued delay, with no specified firm date on the filing of its 2003 form 10-K or 2004 first and second quarter forms 10-Q with the SEC severely heightens S&P's credit concerns.
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