Westar Energy's planned issue of 187 mln usd stock not to affect ratings - S&P |
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Thu, 15 Nov 2007 06:36
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said the planned issuance of about 187 mln usd of common stock by Westar Energy Inc will help to maintain capital structure balance during the company's heavy construction program, but will not affect its 'BBB-' ratings.An over-allotment option, if exercised, will bring the total common stock issuance to roughly 215 mln usd, S&P said.S&P said the proposed common equity sale and associated deleveraging was expected and already factored into the Kansas electric utility company's investment-grade corporate credit rating and stable outlook.The rapidly accelerating capital expenditures concentrate on installation of generating units, and improvements to transmission and distribution facilities, and environmental compliance.The proceeds will be used to repay short-term debt, fund construction outlays, and for general corporate purposes.TFN.newsdesk@thomson.comans/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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