The stable outlook on Kansas South incorporates that of parent Evergy Inc., which reflects our base-case scenario that its regulated utility operations will continue to generate sufficient cash flow to maintain financial measures that support adjusted funds from operations (FFO) to debt of 15%-16% through 2023. This results in minimal cushion at the 'A-' rating. The outlook also reflects the continued realization of synergies that result in operational improvements and cost savings. We could lower the rating if parent Evergy's financial risk profile weakens such that adjusted FFO to debt is consistently below 15% through 2023. This could occur if, for example, there is a significant and persistent lag in ongoing regulatory recovery of capital spending or operating expenses. This
