Summary: Westar Energy Inc.

Regulated utility strategy Strengthened cost recovery through the regulatory process Existing rate riders remain in place Steady economic growth in the service territory Steady utility cash flow Lessened capital spending following the environmental project at the La Cygne power plant Discretionary cash flow remains mostly negative Continuing commitment to credit quality Maintenance of balanced capital structure Our stable rating outlook 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 financial measures consistently underperform our base case

...Outlook: Stable Our stable rating outlook 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