BULLETIN: Westar Energy's Sale of Interest in Turkish Power Plant Does Not Affect Rating Nov 04
- ID: 2041375
- November 2004
- Region: Turkey
- Standard & Poors
NEW YORK (Standard & Poor's) Nov. 18, 2004--Standard & Poor's Ratings Services said today that Westar Energy Inc.'s (BB+/Positive/--) announcement that it has completed the sale of its 9% interest in a natural gas-fired plant located in Turkey to affiliates of Prisma Energy International is supportive of the company's return-to-basics strategy, but has no effect on its rating on Westar. Although financial terms of the transaction were not disclosed, Standard & Poor's does not expect the cash proceeds to Westar to be material. Hence, the sale will not significantly enhance Westar's financial profile. Improved creditworthiness will depend on achieving and sustaining cash flow measures that are solidly investment-grade quality....
Companies mentioned in this report are: Westar Energy Inc.
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