S&P: Westar supported by asset sale

Standard & Poor's said the ratings on Westar Energy Inc. (BB+/positive/--) and subsidiary Kansas Gas & Electric Co. (BB+/positive/--) would not be affected by the closing of the company's sale of its 88% stake in Protection One Inc.

S&P said the sale, which was expected to close this quarter and already factored into current ratings, completes the process of selling all significant nonregulated assets and returns the company to a pure vertically integrated electric utility.

The sale enables Westar to reduce its heavy debt burden but will still require common stock issuances to achieve investment-grade ratings.

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