This report does not constitute a rating action. Overview Key strengths Key risks Fully regulated, vertically integrated utility operations. Exposure to environmental risks from remaining coal-based generation. Generally supportive regulation, including securitization of storm restoration costs. Revenue dependent on higher-than-average industrial sales in the company’s service territories. Economic development and data centers boost electricity sales growth. Discretionary cash flow (DCF) deficits require balanced funding. Securitization for transition from coal-fired generation. Missouri Senate Bill (SB) 4 could support Evergy Inc.’s credit quality. In April 2025, Missouri enacted SB 4, requiring the Missouri Public Service Commission (MPSC) to establish rates for large-load customers consuming over 100 megawatts for utilities with over 250,000 customers. Under SB 4, large-load rates are expected to reflect
