On Jan. 15, 2003, Standard&Poor's Ratings Services placed its 'B' corporate credit and senior unsecured debt ratings and its 'CCC+' subordinated debt rating of Protection One Alarm Monitoring Inc. on CreditWatch with negative implications. The action was taken because of concerns associated with the intention of 88% owner Westar Energy Inc. (BB+/Watch Neg/--) to dispose of Protection One and the potentially negative impact of recent directives by the Kansas Corporation Commission. Topeka, Kan.–based Protection One is the second-largest security alarm monitoring company in the nation. As of September 2002, it had about $575 million of total debt outstanding. Westar Energy intends to dispose of its unregulated subsidiaries, including Protection One. In addition, Protection One's ability to access funds
