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BULLETIN: Westar Energy Inc. Completes Initial Sale of ONEOK Stock Feb 03
Standard & Poors, Feb 2003
Abstract
Standard & Poor's Ratings Services today said that its ratings on Westar Energy, Inc. (BB+/Watch Neg/--) and subsidiary Kansas Gas & Electric Co. (BB+/ Watch Neg/--) would not be affected by Westar's announcement that it has completed an initial sale of ONEOK, Inc. preferred shares to ONEOK. While this action was anticipated, the gross proceeds of $300 million is $50 million more than originally estimated. Standard & Poor's views this transaction as a positive development because the after-tax proceeds of about $244 million will be used to reduce Westar's onerous debt burden. Nevertheless, additional substantial measures are still needed to stabilize current ratings....
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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