S&P rates Westar revolver

Standard & Poor's said it affirmed its BB+ corporate credit ratings on Westar Energy Inc. and subsidiary Kansas Gas & Electric Co. S&P also assigned its BB+ rating to Westar's $300 million revolving credit facility that is secured by Kansas Gas & Electric's first mortgage bonds.

The outlook remains positive.

At the same time, S&P assigned its preliminary BBB-/BB- rating to Westar's $900 million Rule 415 shelf registration, which includes senior secured and senior unsecured debt securities and common stock. Net proceeds will be used to repay outstanding debt and for working capital and other general corporate purposes.

S&P said the ratings on Westar reflect an average business position, based on the core vertically integrated electric utility operations in Kansas, and a frail but improving financial profile. The company has taken significant actions during the past 18 months to reduce its business risk and strengthen its aggressively leveraged balance sheet.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.