<PAGE>
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                       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 MARCH 31, 1999

                         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 April 30, 1999, the registrant had 4,497,996 shares of common
                               stock outstanding.


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<PAGE>


                DUFF & PHELPS CREDIT RATING CO. AND SUBSIDIARIES

                          Quarter Ended March 31, 1999

                                      Index

<TABLE>
<CAPTION>

PART I. - FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

<S>                                                                                  <C>
                  Consolidated Condensed Statements of Income                           1
                           Three Months Ended March 31, 1999 and
                           Three Months Ended March 31, 1998

                  Consolidated Balance Sheets                                           2
                           March 31, 1999 and December 31, 1998

                  Consolidated Statements of Cash Flows                                 3
                           Three Months Ended March 31, 1999 and
                           Three Months Ended March 31, 1998

                  Notes to the Consolidated Financial Statements                      4-7

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

                  AND RESULTS OF OPERATIONS                                           8-10
</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
                                                    March 31,           March 31,
                                                       1999                1998
                                                    -----------        ------------
<S>                                                 <C>                <C>
REVENUES (NOTE 1)                                       $22,194          $21,771

EXPENSES
   Employment expenses                                    9,513            8,810
   Other operating expenses                               3,446            4,136
   Name use fee--paid to former parent (Note 2)             500              500
   Depreciation and amortization (Note 1)                   680              676
                                                      ---------         --------
 Total expenses                                          14,139           14,122

OPERATING INCOME                                          8,055            7,649

  Other income                                              128              210
  Interest expense (Note 3)                                  87              142
                                                      ---------         --------
EARNINGS BEFORE INCOME TAXES                              8,096            7,717

  Income taxes                                            3,473            3,311
                                                      ---------         --------
NET EARNINGS                                            $ 4,623          $ 4,406
                                                      ---------         --------
                                                      ---------         --------
Basic weighted average shares outstanding (Note 1)        4,556            4,816

BASIC EARNINGS PER SHARE (NOTE 1)                       $  1.01          $  0.91

Diluted weighted average shares outstanding (Note 1)      4,971            5,222

DILUTED EARNINGS PER SHARE (NOTE 1)                     $  0.93          $  0.84
</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 BALANCE SHEETS
                                 (In Thousands)

<TABLE>
<CAPTION>
                                                                                       March 31,       December 31,
ASSETS                                                                                   1999              1998
                                                                                      ----------       ------------
                                                                                     (Unaudited)
<S>                                                                                   <C>               <C>
CURRENT ASSETS:
  Cash and cash equivalents                                                               $ 2,093          $   618
  Accounts receivable, net of allowance for doubtful
     accounts of $598 and $494, respectively                                               12,302           11,611
  Other current assets                                                                      1,258            1,197
                                                                                      ----------       ------------
     Total current assets                                                                  15,653           13,426

OFFICE FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS,
     net of accumulated depreciation of $5,834 and $5,422, respectively (Note 1)            4,715            4,880

OTHER ASSETS:
   Goodwill and organization costs, net (Note 1)                                           21,546           21,742
   Intangible assets, net (Note 1)                                                          1,634            1,710
   Other long-term investments                                                              2,362            2,316
   Other long-term assets                                                                     112              133
                                                                                      ----------       ------------
TOTAL ASSETS                                                                              $46,022          $44,207
                                                                                      ----------       ------------
                                                                                      ----------       ------------
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accrued compensation and employment taxes                                               $ 3,934          $10,767
  Accounts payable                                                                          3,478            3,154
  Current maturities of line of credit borrowings (Note 3)                                  7,000            1,500
  Advance service fee billings to clients (Note 1)                                          1,018            1,166
  Accrued income taxes                                                                      1,080              228
  Other current liabilities                                                                    32                5
                                                                                      ----------       ------------
Total current liabilities                                                                  16,542           16,820

OTHER LONG-TERM LIABILITIES                                                                 3,516            2,585

STOCKHOLDERS' EQUITY:
  Preferred stock, no par value: 3,000 shares authorized, zero outstanding                      0                0
  Common stock, no par value; 15,000 shares authorized, 4,546 and 4,544 shares
     issued and outstanding, respectively                                                       0                0
  Retained earnings                                                                        25,964           24,802
                                                                                      ----------       ------------
TOTAL STOCKHOLDERS' EQUITY                                                                 25,964           24,802
                                                                                      ----------       ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                $46,022          $44,207
                                                                                      ----------       ------------
                                                                                      ----------       ------------
</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 STATEMENTS OF CASH FLOWS
                                 (In Thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                Three Months      Three Months
                                                                    Ended            Ended
                                                                   March 31,        March 31,
                                                                     1999              1998
                                                                  ----------       ------------
<S>                                                               <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

     Net earnings                                                   $  4,623           $  4,406
     Increase in accounts receivable                                    (690)            (1,384)
     Decrease in accrued compensation and employment taxes            (6,833)            (4,661)
     Increase (decrease) in advance service fee billings                (148)               289
     Depreciation and amortization                                       680                676
     Increase in accrued income taxes                                  3,258              2,440
     Increase in other assets and liabilities - net                    1,240                895
                                                                  ----------       ------------
 Cash provided by operating activities                                 2,130              2,661
                                                                  ----------       ------------
CASH FLOWS FROM INVESTING ACTIVITIES:

     Increase in other long-term investments                             (45)              (265)
     Purchase of office furniture, equipment
         and leasehold improvements-net of retirements                  (247)              (608)
                                                                  ----------       ------------
 Cash used in investing activities                                      (292)              (873)
                                                                  ----------       ------------
CASH FLOWS FROM FINANCING ACTIVITIES:

     Dividends paid to shareholders                                     (137)              (144)
     Decrease in deferred financing costs                                  8                  5
     Issuances of common stock                                         1,880                352
     Repurchases of common stock                                      (7,614)                 0
     Increase of line of credit borrowings                            10,500              6,000
     Decrease of line of credit borrowings                            (5,000)            (7,000)
                                                                  ----------       ------------
Cash used in financing activities                                       (363)              (787)
                                                                  ----------       ------------
NET CHANGE IN CASH                                                     1,475              1,001
                                                                  ----------       ------------
CASH, BEGINNING OF PERIOD                                                618                955
                                                                  ----------       ------------
CASH, END OF PERIOD                                                 $  2,093           $  1,956
                                                                  ----------       ------------
                                                                  ----------       ------------
</TABLE>


                                   -3-

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


<PAGE>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1    SIGNIFICANT ACCOUNTING POLICIES:

GENERAL

     Duff & Phelps Credit Rating Co. (the "Company") is an internationally 
recognized credit rating agency that 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.

     On October 31, 1994, the spin-off of the Company from its former parent 
company, Phoenix Investment Partners, Ltd., 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 

     During July 1994, the Company organized a U.S. subsidiary, Duff & Phelps 
Credit Rating Co. of Europe, with an office located in London, England. In 
July 1996, the Company organized a U.S. subsidiary, Duff & Phelps Credit 
Rating Co. of Asia, which has an office in Hong Kong. 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.


                                       -4-


<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 ended March 31 (in thousands):

<TABLE>
<CAPTION>

                                                          1999             1998
-------------------------------------------------------------------------------
<S>                                                       <C>              <C>
Basic Weighted Average Shares Outstanding                 4,556            4,816

Stock Options Outstanding                                 1,165            1,145

Reduction in Shares for Treasury Stock Proceeds            (750)            (739)
                                                          -----            -----

Diluted Weighted Average Shares Outstanding               4,971            5,222
                                                          -----            -----
                                                          -----            -----
--------------------------------------------------------------------------------
</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. Certain 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 29 years, and intangible assets are amortized over remaining 
lives of one through 10 years.

     The Company periodically evaluates whether significant events have 
occurred that 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 undiscounted 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 three to 10 years. Leasehold 
improvements are amortized over the remaining lives of the related leases 
which are one to 10 years. 

2    RELATED PARTIES:

NAME USE FEES PAID TO D&P 

     A name use fee agreement in effect between the Company and the former 
parent requiring payment of $2.0 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 $10,000 per year.

SERVICE FEES PAID TO THE COMPANY 

     The Company provides the former parent 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.


                                       -5-


<PAGE>


3    LINE OF CREDIT AND LONG-TERM DEBT:

     At March 31, 1999, the Company had current debt obligations of $7.0 
million, at an interest rate of 5.4 percent due on December 31, 1999, under 
the Company's $20.0 million revolving credit facility. At March 31, 1998, 
long-term debt totaled $6.0 million at a weighted average interest rate of 
approximately 6.2 percent.

     The credit agreement contains financial covenants that require the 
Company to maintain certain ratios and satisfy certain financial tests, 
including restrictions on the ability to incur indebtedness and limitations 
on the amount of capital expenditures, common stock dividends and advances to 
subsidiaries. The Company was in compliance with such covenants for all 
periods presented.

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    SEGMENT INFORMATION:

     The primary business of the Company is to provide credit ratings on 
domestic and international corporate bonds, sovereign bonds, preferred 
stocks, commercial paper, certificates of deposit, structured financings and 
insurance company claims paying ability. To assess performance of the 
Company, executive management regularly reviews the financial statements on a 
consolidated basis. In addition, executive management reviews revenues by 
major service type on a consolidated basis.

     The following table presents, on an enterprise wide-basis, revenues by 
service type and revenues and long-lived assets by geographic area for the 
periods ended March 31, (in thousands):

<TABLE>
<CAPTION>

                                                   1999             1998
--------------------------------------------------------------------------
<S>                                               <C>             <C>
REVENUES BY SERVICE TYPE
      Corporate Rating Revenues                   $10,446          $10,383
      Structured Finance Rating Revenues           10,927           10,611
      Research Revenues                               821              777
                                                  -------          -------
Consolidated Total                                 22,194           21,771
                                                  -------          -------
                                                  -------          -------

GEOGRAPHIC REVENUES
      United States                                18,332           18,335
      International                                 3,862            3,436
                                                  -------          -------
Consolidated Total                                 22,194           21,771
                                                  -------          -------
                                                  -------          -------

LONG-LIVED ASSETS
       United States                               29,552           30,615
       International                                  817              864
                                                  -------          -------
Consolidated Total                                 30,369           31,479
                                                  -------          -------
                                                  -------          -------
--------------------------------------------------------------------------
</TABLE>


                                       -6-


<PAGE>


6    SUPPLEMENTAL CASH FLOW INFORMATION:

     For purposes of the consolidated statements of cash flows, the Company
considers investments with maturities of three months or less to be cash
equivalents.

     Net cash interest and fees paid were $0.09 million and $0.1 million for the
three months ended March 31, 1999 and 1998, respectively.

7    QUARTERLY DIVIDEND:

     On May 11, 1999, the Company declared its regular quarterly dividend of
$0.03 per share payable June 14, 1999, to shareholders of record May 25, 1999.



                                       -7-


<PAGE>


MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 1999, COMPARED WITH THREE MONTHS ENDED MARCH 31,
1998

     Revenues for the three months ended March 31, 1999, were $22.2 million, 
an increase of two percent from the $21.8 million recorded in 1998. Corporate 
rating revenues totaled $10.4 million, and structured finance rating revenues 
increased to $10.9 million, while other revenues were $0.9 million.

     Revenues in the first quarter of 1999 increased despite the tremendous 
growth experienced in the first quarter of 1998. 1998's extraordinary level 
of structured finance transactions, as well as extensive financing activity 
by non-financial corporations, resulted in a difficult comparison with the 
first quarter of 1999. Nevertheless, structured finance revenues increased 
three percent in the first quarter of 1999 versus 1998, while corporate 
rating revenues were essentially unchanged. International revenues, which are 
included in the above comparisons, increased 12 percent as a result of strong 
growth in DCR's Latin American business.

     Operating expenses for the three months ended March 31, 1999, were $14.1 
million, essentially unchanged from the comparable 1998 period. This 
primarily reflected higher compensation costs due to business growth offset 
by lower travel and bad debt expenses. The latter cost was impacted in 1998 
by the weakness in the developing markets which necessitated a higher 
receivable reserve.

     Operating income for the three months ended March 31, 1999, was $8.1 
million, an increase of $0.5 million, or seven percent, over the $7.6 million 
recorded in 1998.

     Interest expense decreased for the first quarter 1999, due to a lower 
average debt balance and lower interest rates in 1999 versus 1998. Other 
income was mostly derived from dividends paid by the Company's international 
partnerships. Income tax expense increased in line with pre-tax income.

     Net earnings totaled $4.6 million for the period ended March 31, 1999, a 
$0.2 million, or five percent, increase over last year. Diluted earnings per 
share increased 11 percent to $0.93 versus $0.84 in 1998. Basic earnings per 
share increased to $1.01 in 1999 versus $0.91 in 1998. Earnings per share 
gains are the result of the performance described above in addition to the 
reduction in weighted average shares outstanding as a result of the Company's 
stock repurchases of 347,355 common shares during 1998 and 142,300 shares in 
the first three months of 1999. Since the inception of the Company's 
repurchase program, a total of 1,666,884 shares have been repurchased as of 
March 31, 1999.

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 three months ended March 31, 1999 and 1998, capital 
expenditures, net of retirements totaled $0.2 million and $0.6 million, 
respectively. These capital expenditures were primarily for leasehold 
improvements, computer equipment and office furniture. The Company expects 
capital expenditures to approximate $2.0 million in 1999. Other cash 
investments for the first quarter included payments for ownership shares in 
certain joint ventures.


                                       -8-


<PAGE>

     Financing activities for the three months ended March 31, 1999, included 
stock repurchases of 142,300 common shares amounting to $7.6 million and 
dividend payments totaling approximately $0.1 million. Future share 
repurchases are contingent upon the Company's financial condition, capital 
requirements and earnings, as well as the market price and availability of 
the Company's common stock.

     The Company has in place a $20.0 million revolving bank credit agreement 
that expires December 31, 1999. At March 31, 1999, $7.0 million was 
outstanding and current at a weighted average interest rate of 5.4 percent. 
At March 31, 1998, long-term debt totaled $6.0 million at a weighted average 
interest rate of 6.2 percent. Commitment fees are accrued on the unused 
facility at an annual rate of 0.25 percent and are paid quarterly.

     The Company is currently in the process of renegotiating the credit line 
due to its upcoming expiration.

     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.

SEGMENT REPORTING

     The primary business of the Company is to provide credit ratings on 
domestic and international corporate bonds, sovereign bonds, preferred 
stocks, commercial paper, certificates of deposit, structured financings and 
insurance company claims paying ability. To assess performance of the 
Company, executive management regularly reviews the financial statements on a 
consolidated basis. In addition, executive management reviews revenues by 
major service type on a consolidated basis. See Note 5 to the Consolidated 
Financial Statements, Segment Information, for the Company's disclosures 
regarding segment reporting.

MARKET RISK

     As of March 31, 1999, only seven percent of the Company's total assets 
were located outside of the United States. International revenues totaled 
approximately 17 percent of the Company's total revenues for the first 
quarter 1999. The majority of the revenue was invoiced in U.S. dollars. The 
Company feels that any exposure to loss due to foreign exchange fluctuations 
is minimal and immaterial to the financial statements at this time; 
therefore, the Company has not entered into any hedging transactions.

     The Company's exposure to changes in interest rates is limited to 
borrowings under the current line of credit. Management believes that any 
potential losses due to interest rate fluctuations would be minimal and 
immaterial to the financial statements based on current loan levels; 
therefore, the Company has not entered into any interest rate swap agreements.

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, including all internally 
developed mission critical systems, are already fully compliant.


                                    -9-


<PAGE>

The Company is soliciting written assurances from outside vendors and other 
third parties that their software and other products will be 
century-compliant.

Ultimately, critical vendors who cannot give adequate reassurances of their 
readiness will be eliminated. The Company believes that substantially all its 
systems will be in compliance prior to the commencement of the Year 2000. 
Nevertheless, the Company expects to develop a contingency plan in 1999. 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.


                                      -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.




May 12, 1999
                                       /s/ Marie C. Becker
                                   ------------------------------------------
                                   Marie C. Becker
                                   Group Vice President, Accounting & Finance