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WESTERN RESOURCES $100 MILLION 7.65 PERCENT 1ST MORTGAGE BONDS 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 13 /PRNewswire/ -- Western Resources, Inc.'s (WR) $100 million 7.65 percent first mortgage bonds due 4/15/23 are rated 'A-' by Fitch. The issue is a takedown from a previously rated shelf registration.
 Ratings for this recently merged utility reflect strong cash flow and operational synergies that should permit gradual but steady improvement of its highly leveraged consolidated balance sheet and relatively weak coverage ratios. Debt leverage was 60 percent and pre- tax interest coverage was 2.3 times at Dec. 31, 1992. Capital expenditures over the next five years are expected to be more than 100 percent funded with internally generated cash. In addition, merger related operations are estimated at about $180 million for the same period.
 -0- 04/13/93
 /CONTACT: Ed King of Fitch, 212-908-0574/
 (WR)


CO: Western Resources, Inc. ST: IN: UTI SU: RTG

AH -- NY082 -- 5407 04/13/93 17:09 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
Words:152
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