S&P revises Evergy view to negative

S&P said it revised the outlook on Evergy Inc. and its subsidiaries Evergy Kansas Central Inc., Evergy Kansas South Inc., Evergy Metro Inc. and Evergy Missouri West Inc. to negative from stable and affirmed the A- issuer rating.

Evergy plans to add more than 3,800 megawatts (MW) of renewable capacity and retire about 1,900 MW of fossil fuel-based generation through 2032. Evergy does not plan to increase base rates in Missouri and Kansas until December 2022 and 2023, respectively, the agency said.

“The negative outlook on Evergy and its subsidiaries reflects our expectation that the company's financial measures will remain at the lower end of the range for its financial risk profile category. We expect Evergy's financial measures, including its funds from operations (FFO) to debt, will remain at the lower end of its benchmark range through 2023 because of increased capital spending (nearing $2 billion per year),” S&P said in a press release.

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