On June 21, 2005, Standard & Poor's Ratings Services affirmed its 'BB+' corporate credit ratings on electric generation and transmission company Westar Energy Inc. and its subsidiary Kansas Gas & Electric Co. (KG&E). At the same time, Standard & Poor's assigned its 'BB-' rating to KG&E's $320 million secured facility bonds series 2005 due 2021. The outlook remains positive. As of March 31, 2005, the Topeka, Kan.-based company had $1.5 billion of consolidated long-term debt outstanding. The ratings on KG&E reflect Westar's consolidated credit profile, which includes a business profile based on the core vertically integrated electric utility operations in Kansas and a weak but improving financial profile. The company has taken significant actions during the past two years to...
Companies mentioned in this report are:
- Kansas Gas & Electric Co.
- Westar Energy Inc.
Action: New Rating
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Product Type: Research Update
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