S&P rates Westar Energy bonds BBB-

Standard & Poor's said it affirmed its BB+ corporate credit ratings on Westar Energy Inc. and subsidiary Kansas Gas & Electric Co. The outlook is positive.

At the same time, S&P assigned its BBB- rating to Westar Energy's $250 million first-mortgage bonds. Net proceeds will be used primarily to redeem Westar's outstanding $260 million 9¾% senior notes due 2007.

S&P said the ratings on Westar and Kansas Gas & Electric reflect an average business profile, based on the company's core vertically integrated electric utility operations in Kansas, and a weak but improving financial profile.

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