Overview Key strengths Key risks Largely predictable cash flow. Fossil-based generation exposure. Effective management of regulatory risk. Limited geographic and regulatory diversity. Robust financial measures. Regulatory lag in cost recovery can pressure financial measures. We recently revised our assessment of Evergy Kansas South's (Kansas South) financial risk profile to modest from intermediate to reflect lower debt leverage that is leading to stronger financial measures. While we expect capital spending to grow in line with consolidated levels, we believe the utility will manage future long-term debt needs by relying on internal cash flows, intercompany money pool notes, and access to cash from future issuances of long-term debt by parent Evergy Kansas Central. Maturities of long-term debt are manageable, with $50 million
