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BULLETIN: Westar Energy Announces Additional 2002 Loss Mar 03
Standard & Poors, March 2003
Abstract
NEW YORK (Standard & Poor's) March 31, 2003--Standard & Poor's Ratings Services said today that its ratings on Westar Energy Inc. (BB+/Developing/--) and subsidiary Kansas Gas & Electric Co. (BB+/Developing/--) would not be affected by the company's announcement of an annual loss of $793.4 million in 2002. The bulk of this charge had already been recorded in the first quarter of 2002 and relates to valuation adjustments for the impairment of goodwill and other intangible assets associated with 88%-owned Protection One Alarm Monitoring Inc., Westar Energy's monitored security business. About $116 million of the charge reflects additional adjustments for impairment of goodwill taken in the fourth quarter. This charge was expected because the company had previously announced its intention to...
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.
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