<PAGE>

                 ---------------------------------------------------
                         SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C.  20549
                                          
                                          
                                          
                                          
                                     FORM 10-Q
                                          
                                          
                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                        THE SECURITIES EXCHANGE ACT OF 1934
                                          
                      FOR THE QUARTER ENDED SEPTEMBER 30, 1998
                                          
                           COMMISSION FILE NUMBER 1-13286
                                   --------------
                                          
                                          
                                          
                          DUFF & PHELPS CREDIT RATING CO.
               (Exact name of Registrant as specified in its Charter)
                                          
                                          
                                          
                 ILLINOIS                               36-3569514
         (State of Incorporation)                    (I.R.S. Employer
                                                    Identification No.)

 55 EAST MONROE STREET, CHICAGO, ILLINOIS 60603            (312)368-3100
    (Address of principal executive offices)     (Registrant's telephone number)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes  X     No  
                                        ---       ---


On October 31, 1998, the registrant had 4,636,515 shares of common stock
outstanding.


-------------------------------------------------------------------------------


<PAGE>
                  DUFF & PHELPS CREDIT RATING CO. AND SUBSIDIARIES
                                          
                          Quarter Ended September 30, 1998
                                          
                                       Index

<TABLE>
<CAPTION>
<S>                                                                  <C>
PART I. - FINANCIAL INFORMATION

ITEM 1.   CONSOLIDATED FINANCIAL STATEMENTS


          Consolidated Condensed Statements of Income                 1
               Three Months Ended September 30, 1998 and
               Three Months Ended September 30, 1997

          Consolidated Condensed Statements of Income                 2
               Nine Months ended September 30, 1998 and
               Nine Months ended September 30, 1997                   

          Consolidated Balance Sheets                                 3
               September 30, 1998 and December 31, 1997

          Consolidated Statements of Cash Flows                       4
               Nine Months Ended September 30, 1998 and
               Nine Months Ended September 30, 1997

          Notes to the Consolidated Financial Statements              5-7  

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF                     8-10
          RESULTS OF OPERATIONS AND FINANCIAL CONDITION

PART II. - OTHER INFORMATION

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K                            10
</TABLE>

<PAGE>

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

           DUFF & PHELPS CREDIT RATING CO. AND SUBSIDIARIES

              CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                 (In Thousands, Except Per Share Data)
                              (Unaudited)

<TABLE>
<CAPTION>

                                            Three  Months    Three  Months
                                                Ended            Ended
                                            September 30,    September 30,
                                                1998             1997
                                            -------------    -------------
<S>                                           <C>              <C>
REVENUES (NOTE 1)                              $19,108          $16,710

EXPENSES
   Employment expenses                           8,031            7,131
   Other operating expenses                      3,604            4,411
   Name usage fees--paid to former
    parent (Note 2)                                500              500
   Depreciation and amortization (Note 1)          718              555
                                               -------          -------
 Total expenses                                 12,853           12,597

OPERATING INCOME                                 6,255            4,113

  Other income                                     365               91
  Interest income (expense) (Note 3)                56             (131)
                                               -------          -------

EARNINGS BEFORE INCOME TAXES                     6,676            4,073

  Income taxes                                   2,892            1,793
                                               -------          -------

NET EARNINGS                                   $ 3,784          $ 2,280
                                               -------          -------
                                               -------          -------

Basic weighted average shares outstanding
  (Note 1)                                       4,808            4,909

BASIC EARNINGS PER SHARE (NOTE 1)              $  0.79          $  0.46

Diluted weighted average shares outstanding
  (Note 1)                                       5,246            5,238

DILUTED EARNINGS PER SHARE (NOTE 1)            $  0.72          $  0.44
</TABLE>

                                       -1-

     The accompanying notes to the consolidated financial statements are
                  an integral part of these statements.

<PAGE>

                DUFF & PHELPS CREDIT RATING CO. AND SUBSIDIARIES

                  CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                     (In Thousands, Except Per Share Data)
                                  (Unaudited)

<TABLE>
<CAPTION>

                                                 Nine Months         Nine Months
                                                    Ended               Ended
                                                September 30,       September 30,
                                                    1998                1997
                                                -------------       -------------
<S>                                               <C>                 <C>
REVENUES (NOTE 1)                                  $62,391             $47,999

EXPENSES
   Employment expenses                              25,552              20,004
   Other operating expenses                         11,941              12,081
   Name usage fees--paid to former parent (Note 2)   1,500               1,500
   Depreciation and amortization (Note 1)            2,096               1,629
                                                   -------             -------
 Total expenses                                     41,089              35,214

OPERATING INCOME                                    21,302              12,785

  Other income                                         606                 317
  Interest income (expense) (Note 3)                  (138)               (348)
                                                   -------             -------
EARNINGS BEFORE INCOME TAXES                        21,770              12,754

  Income taxes                                       9,374               5,456
                                                   -------             -------

NET EARNINGS                                       $12,396              $7,298
                                                   -------             -------
                                                   -------             -------

Basic weighted average shares outstanding (Note 1)   4,820               5,035

BASIC EARNINGS PER SHARE (NOTE 1)                  $  2.57             $  1.45

Diluted weighted average shares
 outstanding (Note 1)                                5,255               5,331

DILUTED EARNINGS PER SHARE (NOTE 1)                $  2.36             $  1.37
</TABLE>

                                       -2-

     The accompanying notes to the consolidated financial statements are
                  an integral part of these statements.

<PAGE>

                DUFF & PHELPS CREDIT RATING CO. AND SUBSIDIARIES

                          CONSOLIDATED BALANCE SHEETS
                                (In Thousands)

<TABLE>
<CAPTION>

                                                       September 30, December 31,
ASSETS                                                      1998         1997
                                                       ------------  -----------
                                                        (Unaudited)
<S>                                                      <C>          <C>
CURRENT ASSETS:
  Cash and cash equivalents                               $ 1,920      $   955
  Accounts receivable, net of allowance for doubtful
     accounts of $502 and $323, respectively               11,319       12,233
  Other current assets                                      1,130          973
                                                          -------      -------
     Total current assets                                  14,369       14,161

OFFICE FURNITURE, EQUIPMENT AND LEASEHOLD
 IMPROVEMENTS, net of accumulated depreciation
 of $5,032 and $3,748, respectively (Note 1)                5,154        4,914

OTHER ASSETS:
  Intangible assets (Note 1)                                1,786        2,015
  Goodwill (Note 1)                                        21,786       22,346
  Other long-term investments                               2,525        2,010
  Other long-term assets                                       40           58
                                                          -------      -------

TOTAL ASSETS                                              $45,660      $45,504
                                                          -------      -------
                                                          -------      -------

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accrued compensation and employment taxes              $  8,104     $  8,169
  Accounts payable                                          3,016        3,275
  Accrued income tax                                         (308)        (719)
  Advance service fee billings to clients (Note 1)            838        1,259
  Other current liabilities                                     0           29
                                                          -------      -------
     Total current liabilities                             11,650       13,451

 LONG-TERM DEBT (Note 3)                                        0        7,000

OTHER LONG-TERM LIABILITIES (Note 1)                        3,221        1,776

STOCKHOLDERS' EQUITY:
  Preferred stock, no par value: 3,000 shares
   authorized, zero outstanding                                 0            0
  Common stock, no par value; 15,000 shares
   authorized, 4,740 and 4,807 shares
   issued and outstanding, respectively                         0          363
  Retained earnings                                        30,789       22,914
                                                          -------      -------

TOTAL STOCKHOLDERS' EQUITY                                 30,789       23,277
                                                          -------      -------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                $45,660      $45,504
                                                          -------      -------
                                                          -------      -------
</TABLE>

                                       -3-

     The accompanying notes to the consolidated financial statements are
                  an integral part of these statements.

<PAGE>

           DUFF & PHELPS CREDIT RATING CO. AND SUBSIDIARIES

                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (In Thousands)
                               (Unaudited)

<TABLE>
<CAPTION>
                                                   Nine Months      Nine Months
                                                      Ended            Ended
                                                  September 30,    September 30,
                                                      1998             1997
                                                  -------------    -------------
<S>                                                 <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

     Net earnings                                    $ 12,396        $  7,298
     Decrease (increase) in accounts receivable           914          (2,247)
     Increase (decrease) in accrued compensation
         and employment taxes                             (65)            292
     Increase (decrease) in advance service fee
         billings                                        (421)            432
     Depreciation and amortization                      2,096           1,629
     Decrease in income taxes payable                    (291)           (369)
     Increase (decrease) in other assets and
         and liabilities - net                            979            (553)
                                                     --------        --------
 Cash provided by operating activities                 15,608           6,482
                                                     --------        --------

CASH FLOWS FROM INVESTING ACTIVITIES:

     Increase in other long-term investments             (515)           (507)
     Purchase of office furniture, equipment
         and leasehold improvements-net of
         retirements                                   (1,525)           (990)
                                                     --------        --------
 Cash used in investing activities                     (2,040)         (1,497)
                                                     --------        --------

CASH FLOWS FROM FINANCING ACTIVITIES:

     Decrease (increase) in deferred financing costs       19             (11)
     Dividends paid to shareholders                      (435)           (453)
     Issuances of common stock                            604             967
     Repurchase of common stock                        (5,791)         (9,215)
     Increase of long-term debt                         8,000          16,750
     Decrease of long-term debt                       (15,000)        (12,750)
                                                     --------        --------
Cash used in financing activities                     (12,603)         (4,712)
                                                     --------        --------

NET CHANGE IN CASH                                        965             273
                                                     --------        --------

CASH, BEGINNING OF PERIOD                                 955               0
                                                     --------        --------

CASH, END OF PERIOD                                  $  1,920        $    273
                                                     --------        --------
                                                     --------        --------
</TABLE>

                                       -4-

     The accompanying notes to the consolidated financial statements are
                  an integral part of these statements.

<PAGE>

DUFF & PHELPS CREDIT RATING CO. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


1    SIGNIFICANT ACCOUNTING POLICIES:

GENERAL

     Duff & Phelps Credit Rating Co. (the "Company") is an internationally 
recognized credit rating agency which provides ratings and research on 
corporate, structured and sovereign financings, as well as insurance claims 
paying ability.  The Company has offices in Chicago, New York, London and 
Hong Kong and operates directly or through international partners in North 
America, South America, Europe, Asia and Africa.  The Company is also a 
designated rating agency in Japan.

     On October 31, 1994, the spin-off of the Company from its former parent 
company, Phoenix Duff & Phelps Corporation, formerly Duff & Phelps 
Corporation ("D&P"), was finalized.  The Company's shares, held by D&P, were 
distributed October 31, 1994, to D&P shareholders of record on October 26, 
1994, as a tax-free distribution for which a favorable tax ruling was 
obtained from the Internal Revenue Service.  D&P shareholders received one of 
the Company's shares for every three shares held of D&P common stock, and 
cash payments were made in lieu of fractional shares.  The distribution 
resulted in the Company operating as a free standing entity whose common 
stock is publicly traded on the New York Stock Exchange under the ticker 
symbol "DCR."

BASIS OF PRESENTATION
     
     The preparation of financial statements in conformity with generally 
accepted accounting principles requires management to make estimates and 
assumptions.  These estimates affect the reported amounts of assets, 
liabilities and disclosure of contingent assets and liabilities at the date 
of the financial statements.  In addition, they affect the reported amounts 
of revenues and expenses during the period.  Actual results could differ from 
these estimates.

     The accompanying consolidated financial statements have been prepared in 
accordance with generally accepted accounting principles and include those 
assets, liabilities, revenues and expenses directly attributable to the 
Company's operations in the periods presented.  Certain reclassifications 
have been made to prior year financial statements to conform with the current 
presentation.

PRINCIPLES OF CONSOLIDATION

     The consolidated financial statements include the accounts of the 
Company and its wholly-owned subsidiaries, Duff & Phelps Credit Rating Co. of 
Europe and Duff & Phelps Credit Rating Co. of Asia.  All significant 
intercompany balances and transactions have been eliminated.

EARNINGS PER SHARE

     Earnings per share were computed using the weighted average number of 
shares of common stock and common stock equivalents outstanding for each of 
the periods presented.  Common stock equivalents are based on outstanding 
stock options under a non-qualified stock option plan.

                                       -5-

<PAGE>

     Following is a reconciliation of the denominator used to calculate basic 
earnings per share to the denominator used to calculate diluted earnings per 
share for the periods indicated (in thousands):

<TABLE>
<CAPTION>

September 30,                                                                        1998      1997
----------------------------------------------------------------------------------------------------
<S>                                                                                 <C>       <C>
Basic Weighted Average Shares Outstanding                                            4,820     5,035
Stock Options Outstanding                                                            1,110       976
Shares Purchased Using Proceeds from Option Exercises & Related Tax Benefit           (675)     (680)
----------------------------------------------------------------------------------------------------
Diluted Weighted Average Shares Outstanding                                          5,255     5,331
                                                                                     -----     -----
                                                                                     -----     -----
</TABLE>

REVENUE RECOGNITION

     Rating revenues are typically recognized when services rendered for 
credit ratings are complete, generally when billed.  Revenues are dependent, 
in large part, on levels of debt issuance.  The Company's fee schedule 
depends on the type and amount of securities rated and the complexity of 
securities issued. Research revenues are billed in advance and amortized over 
the subscription period.  Monitoring fees are billed in advance and are 
amortized over the length of the life of the security.

GOODWILL AND INTANGIBLE ASSETS

     Goodwill and intangible assets are shown net of accumulated 
amortization. Goodwill is amortized over its estimated remaining life of 
approximately 30 years, and intangible assets are amortized over remaining 
lives of 2 through 11 years.

     The Company periodically evaluates whether significant events have 
occurred which may require a revision of the estimated useful life of 
goodwill and intangible assets or an impairment of the recoverability of 
remaining balances. The Company uses an estimate of future discounted cash 
flows over the remaining useful life of goodwill and intangible assets to 
measure recoverability. Management believes that the full amount of goodwill 
and intangible assets is recoverable. 

DEPRECIATION AND AMORTIZATION

     Office furniture and equipment are stated at cost less accumulated 
depreciation and are depreciated on a straight-line basis over the estimated 
remaining lives of the assets, typically 3 to 10 years.  Leasehold 
improvements are amortized over the remaining lives of the related leases 
which on average are 2 to 10 years.

2    RELATED PARTIES:

SERVICE FEES PAID TO D&P

     A name use fee agreement in effect between the Company and D&P requiring 
payment of $2 million per year is included in the Company's financial results 
for the periods presented.  Effective September 30, 2000, the name use fee 
reduces to $10 thousand per year. 

SERVICE FEES PAID TO THE COMPANY

     The Company provides D&P with fixed income research services for an 
annual fee of $0.9 million.  For the periods presented, the fixed income 
research fees are included in revenue.  The fixed income research agreement 
expires on September 30, 2000.

                                       -6-

<PAGE>

3    LONG-TERM DEBT AND SUPPLEMENTAL CASH FLOWS INFORMATION:

     Long-term debt obligations were zero at September 30, 1998, and 
$7.0 million at a weighted average interest rate of approximately 6.4 percent 
at December 31, 1997.  Cash interest and fees paid net of interest earned 
were $0.1 million for the nine months ended September 30, 1998.  Cash 
interest and fees were $0.3 million for the nine months ended September 30, 
1997.

     Dividends paid totaled $0.4 million, and stock repurchases of 
115,800 shares amounted to $5.8 million. during nine months ended September 30,
1998.

     Income taxes paid were $3.6 million during 1998 and $8.0 million in the
nine months ended September 30, 1998.

4    LITIGATION MATTERS:

     The Company and its subsidiaries are from time to time parties to 
various legal actions arising in the normal course of business.  Management 
believes that there are no proceedings pending against the Company or any of 
its subsidiaries which, if determined adversely, would have a material 
adverse effect on the financial condition or results of operations of the 
Company.

5    SUBSEQUENT EVENTS:

     Since September 30, 1998, the Company has repurchased an additional 
105,000 shares amounting to $4.4 million.  Such shares will be used, in part 
or whole, to implement the Corporation's stock incentive plans for share 
issuances of option exercises.  The repurchased shares are accounted for as 
cancellations with reductions to paid-in capital for the cash payments.

                                       -7-

<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
          OF OPERATIONS AND FINANCIAL CONDITION

RESULTS OF OPERATIONS

                THREE MONTHS ENDED SEPTEMBER 30, 1998, COMPARED WITH
                       THREE MONTHS ENDED SEPTEMBER 30, 1997

     Revenues for the quarter ended September 30, 1998, were $19.1 million, 
an increase of 14 percent or $2.4 million, over the $16.7 million recorded in 
the third quarter of 1997.  Structured Finance rating revenues rose $3.2 
million and were offset by a decline in corporate rating revenues of $.8 
million.

     The growth in third quarter revenues was the result of strong 
performance by the structured finance rating businesses, namely the asset 
backed and residential and commercial mortgage backed units, which posted a 
50 percent revenue increase over last year's third quarter.  Partially 
offsetting third quarter growth was the decline in corporate rating revenues 
of eight percent primarily due to lower issuance fees reflecting difficult 
market conditions for domestic corporate and emerging market debt.

     International rating revenues, which are incorporated in the above 
comparisons and contributed to the overall gains, increased six percent over 
last year as a result of strong growth in Europe offset by weaknesses in Asia 
and Latin America.

     Operating expenses for the three months ended September 30, 1998 were 
$12.9 million, an increase of two percent or $0.3 million, over the 
previously recorded $12.6 million for the corresponding period in 1997.  This 
increase was due to an increase in employment expenses and general and 
administrative expenses due to the increase in business discussed above.  
These increases were offset by a decrease in legal expenses for the period in 
1998 versus 1997.

     Operating income for the three months ended September 30, 1998, was 
$6.3 million, an increase of $2.2 million or 54 percent over the $4.1 million 
recorded in 1997.

     The Company recorded interest income of $0.1 million in the third quarter
of 1998 versus interest costs of $0.1 million in the third quarter of 1997. 
Income tax expense increased proportionately with income before taxes. 

     Net earnings totaled $3.8 million for the three months ended September 30,
1998, a $1.5 million or 65 percent increase over last year.  Diluted earnings
per share increased 64 percent to $0.72 versus $0.44 in 1997.  Basic earnings
per share increased to $0.79 in 1998 versus $0.46 in 1997.  Earnings per share
gains are the result of the performance described above.

                NINE MONTHS ENDED SEPTEMBER 30, 1998, COMPARED WITH
                        NINE MONTHS ENDED SEPTEMBER 30, 1997

     Revenues for the nine months ended September 30, 1998, were $62.4 million,
an increase of 30 percent or $14.4 million, over the $48.0 million recorded in
the corresponding period in 1997.  Rating revenues accounted for $14.5 million
of the increase and were offset by a decline in other revenues of $0.1 million.

     Corporate rating revenues, which increased by 15 percent over 1997, were
benefited by a high level of financing activity by non-financial corporations in
the first six months of 1998 which were slightly offset by lower issuance levels
during the third quarter of the year.  Structured finance rating revenues
increased by 54 percent over 1997 and were driven by a high level of real estate
and asset backed financings.

                                       -8-

<PAGE>

     International rating revenues, which are incorporated in the above
comparisons and contributed to the overall gains, increased 34 percent over last
year.

     Operating expenses for the nine months ended September 30, 1998 were 
$41.1 million, an increase of $5.9 million or 17 percent over the $35.2 million
recorded in 1997.  This increase was due to an increase in employment expenses
and general and administrative expenses due to the increase in revenues
mentioned above.  These increases were offset by a decrease in legal expenses
during 1998 versus 1997.

     Operating income for the nine months ended September 30, 1998, was $21.3
million, an increase of $8.5 million or 66 percent over the $12.8 million
recorded in 1997.

     Interest expense decreased in the nine months of 1998 due to the reduction
and subsequent elimination of long-term debt during 1998.  Income tax expense
increased proportionately with income before taxes. 

     Net earnings totaled $12.4 million for the nine months ended September 30,
1998, a $5.1 million or 70 percent increase over last year.  Diluted earnings
per share increased 72 percent to $2.36 versus $1.37 in 1997.  Basic earnings
per share increased to $2.57 in 1998 versus $1.45 in 1997.  Earnings per share
gains are primarily the result of the performance described above in addition to
the reduction in shares outstanding due to stock repurchases.

LIQUIDITY AND CAPITAL RESOURCES

     The Company has typically financed its operations, which do not require
significant amounts of working capital or capital expenditures, through funds
provided by operations.

     For the first nine months ended September 30, 1998, capital expenditures,
net of retirements totaled $1.5 million.  These capital expenditures were
primarily for leasehold improvements, computer equipment and office furniture. 
The Company expects capital expenditures to approximate $2.0 million in 1998.

     Other cash investments of $0.5 million for the first nine months of 1998
included payments made for ownership shares in certain joint ventures.

     Financing activities in the first nine months of 1998, included stock
repurchases of 115,800 shares amounting to $5.8 million, net debt payments of
$7.0 million and dividend payments totaling approximately $0.4 million.

     The Company has in place a $20.0 million revolving bank credit agreement
that expires December 31, 1999.  At September 30, 1998, no borrowings were
outstanding, compared with $7.0 million outstanding at December 31, 1997, at a
weighted average interest rate of 6.4 percent.  Commitment fees are accrued on
the unused facility at an annual rate of .25 percent and are paid quarterly.

     The bank credit agreement contains the following financial covenants among
others:  (i) a minimum net worth test; (ii) a maximum leverage test; and (iii) a
limitation on indebtedness and capital expenditures.  The Company is currently
in compliance with such covenants.  The bank credit agreement also imposes
certain restrictions on sale of assets, mergers or consolidations, creation of
liens, investments, leases and loans and certain other matters.

     The Company believes that funds provided by operations and amounts
available under its credit agreement will provide adequate liquidity for the
foreseeable future.

                                       -9-

<PAGE>

YEAR 2000

The Year 2000 issue is the result of computer programs using a two-digit format,
instead of four digits to indicate years, which could cause a system failure or
other computer errors in connection with year 2000 computing.  The Company is
taking steps to ensure that all systems will be fully compliant with Year 2000
requirements.  The company has adopted a Year 2000 compliance program and is
currently in the assessment and renovation phases of such program.  Certain
material software applications are already fully compliant.  The Company is
soliciting written assurances from outside software vendors and third parties
that their software will be century-compliant.  The Company believes that
substantially all its internal systems will be in compliance prior to the
commencement of the Year 2000.  The Company believes it will have no material
business risk from such Year 2000 issues.  Accordingly, the Company has not
established a contingency plan.  The cost to ensure compliance is estimated to
be immaterial to the results of operations at this time.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995.

This report contains forward-looking statements that are subject to risks and
uncertainties, including but not limited to the following:  the Company's
performance is highly dependent on corporate debt issuances and structured
finance transactions, which may decrease for any number of reasons including
changes in interest rates and adverse economic conditions; the Company's
performance is affected by the demand for and market acceptance of the Company's
services; and the Company's performance may be impacted by changes in the
performance of the financial markets and general economic conditions. 
Accordingly, actual results may differ materially from those set forth in the
forward-looking statements.  Attention is also directed to other risk factors
set forth in documents filed by the Company with the Securities and Exchange
Commission.

PART II.  OTHER INFORMATION

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

<TABLE>
<CAPTION>
         <S>            <C>
          Exhibit No.    Description
                27       Financial Data Schedule
</TABLE>

                                       -10-

<PAGE>

                                     SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.


                                     Duff & Phelps Credit Rating Co.




November 10, 1998                    /s/ Marie C. Becker
                                     _______________________________________
                                     Marie C. Becker
                                     Group Vice President, Accounting & Finance