Standard & Poor's Ratings Services today stated that the ratings on Westar Energy, Inc. (BB+/Watch Neg/--) and its subsidiary Kansas Gas & Electric Co. (BB+/ Watch Neg/--) would not be affected by the indictment of president and chief executive officer David Wittig on federal charges of conspiracy, fraud, misapplication of funds and money laundering in connection with an Arizona real estate deal. The indictment involves Wittig's personal conduct and does not appear to be related to Westar Energy. The company has placed Wittig on administrative leave and intends to promptly appoint an acting president and chief executive officer. Standard & Poor's will continue to monitor the company for any revisions in strategic direction that may be occur as a result...
Companies mentioned in this report are:
- Westar Energy Inc.
- Kansas Gas & Electric Co.
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.