Evergy Missouri West Inc.

The stable outlook on Missouri West incorporates that of its parent, Evergy Inc., which reflects our base-case scenario that the combined entity's regulated utility operations will continue to generate sufficient cash flow to maintain financial measures that support adjusted FFO to debt of 15%-16% from 2019 through 2021. This range places the company below the midpoint of our significant financial risk profile assessment. The outlook also reflects our expectation of a stronger business risk profile and a clear path to realizing proposed synergies that result in operational improvements and cost savings. Further enhancing the business risk profile will be the almost full ownership of the Wolf Creek nuclear plant, strengthening control and leading to additional operating efficiencies. We could lower

...Evergy Missouri West Inc.'s (Missouri West's) long-term debt maturities over the next few years are sizable. Missouri West has about $430 million and $387.5 million in long-term debt maturing in 2021 and 2022, respectively. We expect Missouri West's financial measures to weaken from historical levels but remain in the same benchmark category. In 2018, Missouri West's funds from operations (FFO) to debt was 26.7%, and that declined to 24.5% in 2019. However, as the company's deferred tax balances are utilized and the level of cash taxes paid increases, we expect FFO to weaken....

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