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BULLETIN: Westar Energy Unit's Bond Refinancing Does Not Affect Ratings Jun 04
Standard & Poors, June 2004
Abstract
NEW YORK (Standard & Poor's) June 10, 2004--Standard & Poor's Ratings Services said today that the refinancing by Westar Energy Inc.'s (BB+/Positive/-) subsidiary, Kansas Gas & Electric Co. (BB+/Positive/-), of $58.3 million of its 6% pollution control bonds due 2033 and $327.5 million of 7% pollution control bonds due 2031 will reduce the company's interest expense. Interest savings will vary over the term of the newly issued bonds as portions of the bonds were issued in variable rate structures. Although the lower costs bring Westar another step closer to achieving investment-grade ratings, additional credit enhancing initiatives will be needed to raise the company's ratings. To make the transition to investment grade, Westar's cash flow metrics need to be solidly investment-grade...
Companies mentioned in this report are: Westar Energy Inc.
Action: Bulletin
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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