NY -- Standard&Poor's CreditWire 7/30/97 -- Standard&Poor's today has placed Protection One Alarm Monitoring, Inc.'s debt ratings on CreditWatch with positive implications (see list below) following the announcement that triple-'B'-plus rated Western Resources Inc. (currently on CreditWatch with negative implications) will contribute its security operations and $320 million net cash in exchange for 80.1% of Protection One's outstanding primary shares, and shares issuable upon exercise of options and warrants. Protection One shareowners of record, as of the closing date of the transaction, will receive a special dividend of $7.00 a share after the transaction closes and will continue to own 19.9% of the company. In addition, Protection One expects to make a conversion price adjustment on
