This report does not constitute a rating action. Evergy Kansas South Inc.’s (EKS) business risk is on the lower end of the excellent range, reflecting its small customer base, concentrated service territory, and limited regulatory diversity. It operates as a vertically integrated electric utility serving about 351,000 Kansas customers, primarily residential and commercial, which we view as lower risk than industrial exposure. The company benefits from substantial barriers to entry, limiting competitive pressures. EKS’ reliance on nuclear and coal generation introduces elevated operational and environmental risks, including long-term nuclear fuel storage and increased regulatory scrutiny of coal assets. We continue to monitor these exposures as they may affect our overall business risk assessment. EKS’ core group status underpins its credit
