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DUFF & PHELPS ADDS ONEOK TO RATING WATCH

 CHICAGO, June 24 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has placed the debentures of ONEOK Inc. (NYSE: OKE), currently rated `A-' (Single-A-Minus), on Rating Watch -- Unfavorable.
 The action follows ONEOK's announcement that it is negotiating with Western Resources, Inc. on the acquisition of its Kansas City, Kansas and Oklahoma local gas distribution properties. A definitive agreement has not yet been reached. The proposed acquisition would add 190,000 customers to ONEOK's largely residential and commercial customer base of more than 700,000.
 It is not yet certain how ONEOK would finance the transaction. Duff & Phelps' review will focus on the impact of the acquisition on ONEOK's balance sheet and capital structure, regulatory support for recovery of any acquisition premium, and integration of the properties with the company's current operations. ONEOK's completing the acquisition as now contemplated and financing it such that the capital structure is left appropriately balanced would be viewed as consistent with the current rating.
 ONEOK is a diversified energy company organized in three divisions. The utility businesses, Oklahoma Natural Gas Company and ONG Transmission Company, provide natural gas utility services to three-quarters of Oklahoma.
 -0- 6/24/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/
 (OKE)


CO: ONEOK Inc.; Western Resources, Inc. ST: Oklahoma IN: OIL SU: RTG

MP -- NY023 -- 5250 06/24/93 10:49 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
Words:224
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