On Nov. 15, 2004, Standard&Poor's Ratings Services placed its 'CC' corporate credit rating for Protection One Alarm Monitoring Inc. on CreditWatch, with positive implications. The CreditWatch listing follows Protection One's announcements of an agreement with affiliates of Quadrangle Group--the company's lenders under its credit agreement and its majority equity holders--on a debt restructuring, and its settlement of outstanding tax sharing-related obligations with its previous owner, Westar Energy. The tax settlement resulted in a payment to Protection One of approximately $73 million, consisting of $46 million in cash and the tendering of about $27 million of Protection One's 7.375% senior notes, including accrued interest. Protection One has used approximately $17 million of the cash proceeds from the tax settlement
