The ratings on Westar Energy Inc. and subsidiary Kansas Gas & Electric Co. (KG&E) reflect a satisfactory consolidated business profile of '5' (business profiles are categorized from '1' (excellent) to '10' (vulnerable)), based on the corporation's vertically integrated electric utility operations in Kansas, and an improving financial profile. The Topeka, Kan.-based company has taken significant actions in recent years to reduce its business risk and strengthen its leveraged balance sheet. Westar made a commitment to the Kansas Corporation Commission (KCC) to fully execute a dramatic debt-reduction plan, and focus exclusively on its integrated electric business. After fully executing its plan, management filed a rate case in May 2005. On Dec. 28, 2005, the KCC authorized a total increase of only...
Companies mentioned in this report are: Westar Energy Inc.
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.
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.
SHOW LESS READ MORE >