Vertically-integrated electric utility in Kansas; Generally constructive regulation in Kansas; and Steady economic growth in service territory. Timely rate recovery of investments and operating expenses; Financial measures consistent with the significant financial risk profile; and Negative discretionary cash flow through 2020. S&P Global Ratings' outlook on Westar Energy Inc. and parent company Evergy Inc. is stable. This reflects our base-case scenario in which we assume the combined entity's regulated utility operations under Evergy Inc. will continue generating sufficient cash flow to maintain financial measures that support adjusted FFO to debt of 16%-17% from 2019 through 2021, which places the consolidated company just below the midpoint of our significant financial risk profile assessment. The outlook also reflects our expectation of a
