Summary: KCP&L Greater Missouri Operations Co.

Regulated and vertically integrated electric distribution utility; Relatively stable cash flows come from regulated electric operations; Low-cost generation; and Generally supportive regulatory framework. Ongoing, but declining, capital spending over the forecast period; Funding of capital expenditures largely through operating cash flows; and Continuing commitment to credit quality and maintenance of a balanced capital structure. The outlook on KCP&L Greater Missouri Operations Co. (GMO) reflects the outlook on parent Great Plains Energy Inc. (GPE). The positive outlook on GPE and its subsidiaries reflects S&P Global Ratings' 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 funds from operations (FFO) to debt in the 17%-19% range from 2019

...Outlook: Positive The outlook on KCP&L Greater Missouri Operations Co. (GMO) reflects the outlook on parent Great Plains Energy Inc. (GPE). The positive outlook on GPE and its subsidiaries reflects S&P Global Ratings' 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 funds from operations (FFO) to debt in the 17%-19% range from 2019 through 2021. This range of FFO to debt places the company comfortably in the midpoint of our significant financial risk profile assessment. The positive outlook reflects our expectation of an upgrade if the combined companies are able to demonstrate a strengthened business risk profile along with financial measures that remain consistently within the expected 17%-19% range after the merger close....

Summary