Tear Sheet: Evergy's Recently Filed Rate Case Settlement Is In Line With Expectations

This report does not constitute a rating action. On July 16, 2025, Evergy Inc. subsidiary Evergy Kansas Central Inc. (EKC), along with the other parties to its Kansas rate case, recently filed a unanimous settlement with the Kansas Corporation Commission (KCC). If the KCC authorizes a rate case increase in line with the settlement, this would result in a net rate increase of about $128 million for EKC, compared with the initial request of a net increase of about $198 million. The KCC?s order is in line with our base-case forecast and is constructive for Evergy's credit quality. The company?s consolidated funds from operations (FFO) to debt stood at 14.7% in 2024 and the FFO to debt for EKC was

...Rating Component Scores Foreign currency issuer credit rating ###+/Stable/A-2 Local currency issuer credit rating ###+/Stable/A-2 Business risk Excellent Country risk Very Low Industry risk Very Low Competitive position Strong Financial risk Significant Cash flow/leverage Significant Anchor a- Modifiers Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Neutral (no impact) Comparable rating analysis Negative (-1 notch) Stand-alone credit profile ###+...

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