Moody's: Westar outlook positive

Moody's Investors Service said it changed the outlook of Westar Energy Inc. and its wholly owned subsidiary Kansas Gas & Electric Co. to positive from stable.

The agency affirmed the companies' Baa1 senior secured and Baa3 long-term issuer ratings, and Westar's Ba2 preferred stock rating.

The actions reflect Westar's improving financial performance, driven by the benefits provided by a series of rate relief, cost management initiatives and a step-down in 2009 capital spending, according to the agency.

The outlook incorporates an expectation that Westar's management will continue to maintain a strong balance sheet by periodically issuing equity when needed to fund higher levels of capital spending, the agency noted.

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