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BULLETIN: Westar Energy Inc. to Sell Some ONEOK Preferred Stock, Exchange Remainder Jan 03
Standard & Poors, Jan 2003
Abstract
Standard & Poor's Ratings Services today said that its ratings on Westar Energy, Inc. (BB+/Watch Neg/--) and its subsidiary Kansas Gas & Electric Co. (BB+/ Watch Neg/--) would not be affected by Westar's announcement that it will sell ONEOK Inc. (A/Stable/A-1) a portion of ONEOK series A convertible preferred stock and exchange its remaining shares for new shares of ONEOK series D non-convertible preferred stock. While Standard & Poor's views this announcement as a positive development since the proceeds of up to $250 million will be used to reduce Westar's onerous debt burden, 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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