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Westar Energy Ratings Placed on Watch Neg Re: Additional Charges and Restatements Nov 02
Standard & Poors, November 2002
NEW YORK (Standard & Poor's) Nov. 5, 2002--Standard & Poor's Ratings Services said today it placed its double-'BB'-plus corporate credit ratings on energy provider Westar Energy Inc. and subsidiary Kansas Gas & Electric Co. on CreditWatch with negative implications. The CreditWatch listing reflects Topeka, Kan.-based Westar's announcement that it will restate its first- and second-quarter 2002 financial statements to reflect an additional goodwill impairment on 88%-owned Protection One Alarm Monitoring Inc. While the charge of $93 million, net of tax, is noncash, is relatively small compared with the $657 million impairment charge already taken this year, and will not affect Westar's liquidity or violate any covenants, Westar's liberally leveraged capital structure cannot withstand additional decimation at the current ratings level....
Companies mentioned in this report are: Westar Energy Inc.,Kansas Gas & Electric Co.,ONEOK Inc.,Protection One Alarm Monitoring Inc.
Action: On CreditWatch:Negative
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.
Westar Energy Inc.,Kansas Gas & Electric Co.,ONEOK Inc.,Protection One Alarm Monitoring Inc.