Kansas City Power & Light Co.'s $1.9B Senior Unsecured Notes Collateralized; Issue Rating Raised To 'A' (Recovery: '1+')


NEW YORK (S&P Global Ratings) March 15, 2019-- S&P Global Ratings today 
assigned its 'A' senior secured rating and '1+' recovery rating to Kansas 
City, Mo.-based Kansas City Power & Light Co.'s (KCP&L) $1.9 billion senior 
unsecured notes following the company's announcement that it has secured all 
of its outstanding unsecured notes with the lien of KCP&L's general mortgage 
indenture.

At the same time, we raised the ratings on approximately $1.9 billion of 
existing senior bonds of KCP&L to 'A' from 'A-' to reflect the addition of 
this lien, making these bonds secured and pari passu with the company's 
existing general mortgage bonds. In addition, we assigned a '1+' recovery 
rating to these bonds. 

Our 'A' issue-level rating is based on our '1+' recovery rating on the bonds, 
reflecting our highest expectation for full recovery of principal (100%) in a 
default scenario. KCP&L's bonds have collateral coverage of more than 1.5x, 
resulting in a recovery rating of '1+'. 



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