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BULLETIN: Western Resources Announces Impairment Charge Feb 02
Standard & Poors, Feb 2002
Abstract
Western Resources (WR, BB+/Negative/--) will record a net charge of $654.4 million in the first quarter of 2002 related to impairment of Protection One Alarm Monitoring Inc.'s (B/Negative/--) goodwill; WR has an 87% stake in the company. This charge was expected and is already incorporated in WR's current ratings. Importantly, the charge is non-cash, is actually somewhat lower than anticipated, and will not result in any violation of debt covenants. WR's outlook is still negative, reflecting the company's very frail financial condition and the absence of a supportive regulatory environment in Kansas....
Companies mentioned in this report are: Westar Energy Inc.,Protection One Alarm Monitoring 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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