Summary: Westar Energy Inc. Feb 08

Standard & Poors, February 2008

Abstract
The ratings on Topeka, Kan.-based Westar Energy Inc. reflect an excellent business profile (utility business profiles are ranked from 'excellent' to 'vulnerable') and an aggressive consolidated financial profile. Westar's subsidiary Kansas Gas & Electric Co. (KG&E) also has a business risk profile that is characterized as excellent. Westar has taken meaningful actions to repair its balance sheet, improve its overall financial condition, strengthen corporate governance, and reduce business risk in recent years. In addition, constructive regulatory rate-making mechanisms, which allow for timely recovery of costs without the need to file general rate applications and which cover a large portion of the company's heavy construction expenditures, should help to support investment-grade financial parameters. These mechanisms include a fuel-adjustment clause, an environmental...

Companies mentioned in this report are: Westar Energy Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Westar Energy Inc.

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