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BULLETIN: Westar Energy Reaches Agreement on Restructuring Plan With Key Parties Jul 03
Standard & Poors, July 2003
Abstract
NEW YORK (Standard & Poor's) July 22, 2003--Standard & Poor's Ratings Services said today that Westar Energy Inc.'s (BB+/Developing/--) stipulation and agreement entered into with the Kansas Corporation Commission (KCC) staff and various other parties regarding its restructuring plan will not impact current ratings. However, upon commission approval, the company's business profile will strengthen reflecting the improved regulatory relations. Less stringent financial parameters will then be required for investment-grade ratings. As expected, Westar has committed to implement the plan by the end of 2004. The plan includes various asset and stock sales, proceeds of which will be applied toward debt reduction. Westar has also agreed to make rebates to customers of $10.5 million and $10 million in May 2005 and...
Companies mentioned in this report are: Westar Energy Inc.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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