NEW YORK (Standard&Poor's) May 27, 2003--Protection One Alarm Monitoring Inc., rated 'B', remains on CreditWatch with negative implications, despite clarifications of directives issued by the Kansas Corporation Commission (KCC) that contributed to the listing on Jan. 15, 2003. The CreditWatch listing continues because of the uncertain credit impact of the likely sale of Protection One by 88% owner Westar Energy Inc. (BB+/Developing/--). Topeka, Kan.–based Protection One is the second-largest security alarm monitoring company in the nation. As of March 2003, it had about $578 million of total debt outstanding (operating-lease adjusted). Westar Energy intends to dispose of its unregulated subsidiaries, including Protection One. Recent directives from the KCC conditionally authorized Westar Energy and its Westar Industries Inc. financing
