Evergy Inc.'s Fixed-To-Fixed Reset Rate Junior Subordinated Notes Rated 'BBB-'

TORONTO (S&P Global Ratings) Dec 02, 2024--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Kansas City, Mo.-based Evergy Inc.'s proposed fixed-to-fixed reset rate junior subordinated notes due June 1, 2055. The company intends to use the net proceeds from these notes for general corporate purposes and toward payment of the outstanding commercial paper balance. We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after June 1, 2035, because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our 'BBB+' long-term issuer credit

...December 2, 2024 TORONTO (S&P Global Ratings) Dec 02, 2024--S&P Global Ratings today assigned its '###-' issue-level rating to Kansas City, Mo.-based Evergy Inc.'s proposed fixed-to-fixed reset rate junior subordinated notes due June 1, 2055. The company intends to use the net proceeds from these notes for general corporate purposes and toward payment of the outstanding commercial paper balance. We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after June 1, 2035, because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our '###+' long-term issuer credit rating on Evergy to reflect their subordination and management's ability to defer interest payments on the instrument. All our other ratings on Evergy are unchanged. The long-term...

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