DPL Receives Rating by S&P.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Sept. 5, 2002 DPL (Digital PowerLine) An earlier technology for transmitting a 1 Mbps data signal over electric power lines from Nortel Networks. It was developed in the late 1990s, but later abandoned due to implementation difficulties. See broadband over power lines. Inc. (NYSE NYSE See: New York Stock Exchange :DPL) -- Stable Outlook -- DPL Inc. (NYSE:DPL) today announced that Standard & Poor's (S&P) has completed its annual credit review, lowering the Company's corporate credit rating to "BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. " with a stable outlook. While disappointed with this action, both DPL and DP&L debt remain investment grade with S&P, Moody's and Fitch. "The reviews reflect global economic conditions and changes within the utility industry as a whole," stated Elizabeth McCarthy, DPL Chief Financial Officer. "DPL's financial position is supported by stable cash flows from our electric retail base and the liquidity in our financial asset portfolio." DPL expects to generate approximately $50 million in free cash flow during 2003 with current economic trends. "We expect to work hard to regain some of the ground lost with the rating agencies during the next 24 months," concluded Ms. McCarthy. Today's S&P announcement rates the senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. of DPL Inc. "BBB-" and DP&L senior secured debt "BBB," with a stable outlook. Currently, Moody's rates the senior unsecured debt of DPL Inc. "Baa2" and DP&L senior secured debt "A2," with a negative outlook. Fitch rates the senior unsecured debt of DPL Inc. "BBB" and DP&L senior secured debt "A," with a negative outlook. DPL Inc. is a diversified diversified (di·verˑ·s regional energy company. DPL's principal subsidiaries include The Dayton Power & Light Company (DP&L) and DPL Energy. DP&L provides electric services to over 500,000 retail customers in West Central Ohio. DPL Energy operates over 4,600 megawatts of generation capacity and markets wholesale energy throughout the eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . DPL Inc., through its subsidiaries, ranks among the top energy companies in generation efficiency and productivity. Further information on DPL Inc. can be found at www.dplinc.com. |
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