Fully regulated utility; Steady economic growth in the service territory; and 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; and Continuing commitment to credit quality and maintenance of balanced capital structure. S&P Global Ratings' negative outlook on Kansas Gas&Electric Co. (KG&E) and its parent, Westar Energy Inc., reflects the potential for lower ratings on Westar after the merger with Great Plains Energy (GPE) closes, if the combined entity's financial performance weakens such that funds from operation (FFO) to total debt is consistently less than 13% after 2018. We could lower our ratings on Westar and KG&E, which
