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BULLETIN: Regulatory Agency Orders Westar Energy Inc. to Restructure Operations Nov 02
Standard & Poors, Nov 2002
Abstract
Standard & Poor's Ratings Services today noted that the Kansas Corporation Commission (KCC) has ordered Westar Energy, Inc. (BB+/Watch Neg/--) to implement a financial and corporate restructuring. The order requires Westar to submit a plan within 90 days to transfer its Kansas Power & Light Co. division to a utility-only subsidiary and to institute interim standstill protections to keep unregulated operations from harming the utility. The order also requires Westar to pay down debt, and launches a new investigation into how to regulate Westar's non-utility businesses. In addition, the KCC reserved the option to initiate a full management audit. At this juncture, it is unclear how Westar will split its utility and unregulated operations. However, a plan that enables Westar...
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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