DPL Responds to S&P Rating Change.

Business Editors

DAYTON, Ohio--(BUSINESS WIRE)--Dec. 10, 2003

DPL Inc. (NYSE:DPL)- Commenting on the change in DPL's credit rating made today by Standard & Poor's, Stephen F. Koziar, DPL President and Chief Executive Officer, said:

"DPL's credit ratios have improved in 2003 and are stronger today than they were a year ago, when S&P last evaluated the Company. Today's action by S&P is at odds with DPL's operating performance, as well as recent actions and current plans to improve the Company's capital structure.

"The constantly changing criteria and concerns of S&P create a moving and undefined target that is difficult at best to chase. DPL has clearly articulated its intentions and has demonstrated its ability to execute against its goals. Actions by management have been well received by investment professionals, who in turn continue to demonstrate their belief in the fundamental strengths of the Company."

Koziar concluded: "DPL will continue to focus on building value for the benefit of all its stakeholders."

About DPL

DPL Inc. is a diversified 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 markets over 4,600 megawatts of generation capacity throughout the eastern United States. 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.

Certain statements contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Matters presented which relate to events or developments that are expected to occur in the future, including management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters constitute forward-looking statements. Forward-looking statements are based on management's beliefs, assumptions and expectation of the Company's future economic performance, taking into account the information currently available to management. These statements are not statements of historical fact. Such forward-looking statements are subject to risks and uncertainties and investors are cautioned that outcomes and results may vary materially from those projected due to many factors beyond DPL's control.

Forward-looking statements speak only as of the date of the document in which they are made. We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.