NEW YORK (Standard&Poor's) April 9, 2004--Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on Topeka, Kan.-based Protection One Alarm Monitoring Inc. to 'CC' from 'CCC-' and affirmed its 'C' subordinated debt rating. The outlook is negative. The ratings were removed from CreditWatch, where they were placed on Jan. 15, 2003, following concerns associated with Westar Energy Inc.'s (BB+/Positive/--) intention to sell its 88% interest in Protection One. On Feb. 17, 2004, Westar sold approximately 87% of the issued and outstanding shares of Protection One to affiliates of Quadrangle Group LLC for approximately $122 million. "The ratings downgrade reflects the company's projected insufficient liquidity and cash flows relative to its debt burden, combined with
