Moody's may up Westar Energy, unit

Moody's Investors Service said it placed the debt ratings of Westar Energy and its subsidiary Kansas Gas & Electric under review for possible upgrade.

The ratings placed under review include Westar's Ba2 issuer rating, Ba1 senior secured bonds, Ba2 senior unsecured debt and B1 preferred stock. The ratings placed under review for Kansas Gas & Electric include its Ba1 senior secured first-mortgage bonds and Ba2 senior secured lease obligation bonds. Moody's also affirmed the SGL-2 liquidity rating for Westar.

The rating action recognizes the company's successful divestiture of higher risk non-regulated businesses, balance sheet improvement because of significant debt reduction, the expectation that cash flow coverage metrics will continue to improve from historic levels and improvements in relations with the Kansas Corporation Commission.

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