Summary: Kansas Gas&Electric Co.

Fully regulated utility Steady economic growth in the service territory Improved cost recovery through the regulatory process Steady utility cash flow Capital spending stabilizes after environmental spending at the La Cygne power plant Discretionary cash flow to remain negative Continuing commitment to credit quality and maintenance of balanced capital structure Our stable rating outlook on Westar Energy Inc. and utility subsidiary Kansas Gas&Electric Co. (KG&E) reflects our expectation that management will continue to focus on its core utility operations and reach constructive regulatory outcomes to avoid any meaningful rise in business risk. The outlook also reflects our base case forecast level of adjusted funds from operations (FFO) to debt of about 19%. We could lower ratings if core

...Outlook: Stable Our stable rating outlook on Westar Energy Inc. and utility subsidiary Kansas Gas & Electric Co. (KG&E) reflects our expectation that management will continue to focus on its core utility operations and reach constructive regulatory outcomes to avoid any meaningful rise in business risk. The outlook also reflects our base case forecast level of adjusted funds from operations (FFO) to debt of about 19%....

Summary