Evergy Inc.'s Proposed Fixed-To-Fixed Reset Rate Junior Subordinated Notes Due February 2057 Rated 'BBB-'

NEW YORK (S&P Global Ratings) Aug. 17, 2026--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 February 2057. The company intends to use the net proceeds from these notes for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%) when adjusting Evergy's financial statements. This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having no equity content after February 2037 because the remaining period until maturity will be less than 20 years. Consequently, when we calculate our adjusted credit ratios, we will treat half of Evergy's hybrids as equity

...August 17, 2026 NEW YORK (S&P Global Ratings) Aug. 17, 2026--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 February 2057. The company intends to use the net proceeds from these notes for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%) when adjusting Evergy's financial statements. This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having no equity content after February 2037 because the remaining period until maturity will be less than 20 years. Consequently, when we calculate our adjusted credit ratios, we will treat half of Evergy's hybrids as equity rather than debt. Similarly, we will treat 50% of the related payments on these securities as equivalent to a common dividend. We rate these securities two notches below...

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