Westar Energy Inc. and Great Plains Energy Inc. announced an amended merger agreement structured as an all-stock transaction at a mutually agreed upon exchange ratio with no acquisition debt. The parties expect the transaction to close in mid-2018. We are affirming our ratings on Westar and subsidiary Kansas Gas&Electric Co. (KGE), including the 'BBB+' issuer credit ratings, and revising the outlook on both entities to positive from negative. The positive outlook reflect the potential for higher ratings on Westar after the merger closes if the combined entities are able to demonstrate a strengthened business risk profile and a clear path to realizing proposed synergies that results in operational improvements and cost savings, along with strong financial measures. On
