On 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 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 the loss of Westar as a source
