Research Update: Evergy Inc. Assigned 'A-' Rating, Stable Outlook

Newly formed Evergy Inc. is a utility holding company created through the merger of Great Plains Energy Inc. (GPE) and Westar Energy Inc. (Westar). We assigned an 'A-' issuer credit rating (ICR) to Evergy and 'A-2' short-term rating. The outlook is stable. The issuer credit ratings on Evergy's utility subsidiaries remain 'A-'. The outlooks are stable. The stable outlook on Evergy reflects our base-case scenario that the combined entity's regulated utility operations will continue to generate sufficient cash flow to consistently achieve financial measures that support adjusted funds from operations (FFO) to debt of 16%-17% from 2019 to 2021, just below the midpoint of the benchmark range of the financial risk profile assessment. Evergy has assumed all existing senior unsecured

...+ Newly formed Evergy Inc. is a utility holding company created through the merger of Great Plains Energy Inc. (GPE) and Westar Energy Inc. (Westar). + We assigned an 'A-' issuer credit rating (ICR) to Evergy and 'A-2' short-term rating. The outlook is stable. + The issuer credit ratings on Evergy's utility subsidiaries remain 'A-'. The outlooks are stable. + The stable outlook on Evergy reflects our base-case scenario that the combined entity's regulated utility operations will continue to generate sufficient cash flow to consistently achieve financial measures that support adjusted funds from operations (FFO) to debt of 16%-17% from 2019 to 2021, just below the midpoint of the benchmark range of the financial risk profile assessment. + Evergy has assumed all existing senior unsecured debt at Great Plains Energy Inc. Ratings on these debt issuances remain unaffected. + The ICR on Great Plains Energy Inc. has also been withdrawn....

Research Update