Moodys Investors Service - Evergy (A2JNBV) WESTAR ENERGY, INC.: Vertically Integrated Regulated Electric Utility

Report

Moody's Investors Service

EUR 231.76 For Business Accounts Only

WESTAR ENERGY, INC.: Vertically Integrated Regulated Electric Utility

INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 22 March 2017 Update RATINGS Westar Energy, Inc. Domicile Topeka, Kansas, United States Long Term Rating Baa1 Type LT Issuer Rating Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Jairo Chung 212-553-5123

22/03/2017 7 EN

Underlying

Evergy

Westar Energy is an electric utility in Kansas. As of Dec 31 2017, the company provided electric generation, transmission and distribution services to approximately 708,000 customers in Kansas. The company provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson. Kansas Gas and Electric Company, the company's wholly owned subsidiary, provides these services in south-central and southeastern Kansas, including the city of Wichita. The company also supplies electric energy at wholesale to municipalities and electric cooperatives in Kansas, and has contracts for the sale or purchase of wholesale electricity with other utilities.

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US95709T1007 United States

Provider

Moody's Investors Service

Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, protecting the integrity of credit. Our ratings and analysis track debt covering more than:

130 countries
11,000 corporate issuers
21,000 public finance issuers
76,000 structured finance obligations

Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Such independent credit ratings and research also contribute to efficiencies in fixed-income markets and other obligations, such as insurance policies and derivative transactions, by providing credible and independent assessments of credit risk.

Moody’s default studies validate our predictive ratings. Our published research and investor briefings draw thousands of attendees each year and keep investors current with the rationale underlying our credit opinions.

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