On Nov. 18, 2003, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on Protection One Alarm Monitoring Inc. to 'CCC-' from 'B' and lowered its subordinated debt rating to 'C' from 'CCC+'. The ratings remain on CreditWatch with negative implications, where they had been placed on Jan. 15, 2003. The rating action reflects increased default risk associated with the sale of Protection One, because of significantly lower expected proceeds. Based on revenues, Topeka, Kan.-based Protection One is the third-largest security alarm monitoring company in the nation and is 88%-owned by Westar Industries Inc., which is the financing arm and a wholly owned subsidiary of Westar Energy Inc. (BB+/Developing/--). Protection One has relied on Westar Industries
