S&P rates Evergy A-

S&P said it assigned an A- rating to Evergy Inc., along with an A-2 short-term rating.

The outlook is stable.

The agency said it also withdrew the issuer credit rating on Great Plains Energy Inc.

All previously held senior unsecured debt of Great Plains Energy has been assumed by Evergy.

The A- issuer credit ratings on subsidiaries Kansas City Power & Light Co. (KCP&L), KCP&L Greater Missouri Operations Co., Westar Energy Inc. and Kansas Gas & Electric Co. (KGE) are unchanged.

The outlooks on all of these entities are stable.

The assignment of an A- issuer credit rating to Evergy considers the recent upgrade on Great Plains Energy and Westar Energy following the close of their then-amended merger agreement.

The newly merged company will have an enhanced business risk profile given that Westar's and KGE's regulated electric utility operations benefit from a generally constructive regulatory framework in Kansas and service territories adjacent to GPE's utilities, S&P said.

The combined entity will have more diverse electric utility cash flow sources, a more balanced regulatory framework, larger customer base and almost full ownership of the Wolf Creek nuclear plant, the agency said.

These factors should strengthen the combined entity's business risk profile from what it was for GPE on a stand-alone basis, S&P said.

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