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BULLETIN: Westar Energy to Sell Interest in Protection One Europe May 03
Standard & Poors, May 2003
Abstract
NEW YORK (Standard & Poor's) May 15, 2003--Standard & Poor's Ratings Services said today that Westar Energy Inc.'s (BB+/Developing/--) definitive agreement to divest its interest in Protection One Europe will not impact the current ratings. Westar Energy's sale of Protection One Europe was expected and is a step toward completing the company's multifaceted plan to reduce its heavy debt burden and focus exclusively on its electric utility business. The sale will reduce consolidated debt by some $114 million, net of transaction costs. However, more critical to credit quality will be the Kansas Corporation Commission's position on the company's plan and successful implementation of Westar Energy's other proposed transactions....
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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