KeyView2: CreateFont call with FIXED_PITCH param does not return fixed width characters

KeyView2.exe from Petzolds CDROM doesnt work as expected.
The text is not properly drawn.
These are my findings:

Text is being painted via the following calls:
static TCHAR szTop[] = TEXT ("Message Key Char ")
static TCHAR szUnd[] = TEXT ("_______ ___ ____ ")
SelectObject (hdc, CreateFont (0, 0, 0, 0, 0, 0, 0, 0, dwCharSet, 0, 0, 0, FIXED_PITCH, NULL)) ;
TextOut (hdc, 0, 0, szTop, lstrlen (szTop)) ;
TextOut (hdc, 0, 0, szUnd, lstrlen (szUnd)) ;

It should create a FIXED_PITCH, that means, forcing to have each letter the same width, and hence the underscores fits the letters.

But as you can see in the screenshot, it doesn't happen.