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Financial Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2016
Risks and Uncertainties [Abstract] |
Schedule of Credit Facilities | The following summary outlines the credit facilities of the Corporation and its subsidiaries.
(in millions) | Regulated Utilities |  | Corporate and Other |  | 2016 |  | 2015 |
Total credit facilities (1) | $ | 3,823 |  | $ | 2,153 |  | $ | 5,976 |  | $ | 3,565 |
Credit facilities utilized: |  |  |  |  |  |  |  |
Short-term borrowings (1) (2) | (640 | ) | (515 | ) | (1,155 | ) | (511 | )
Long-term debt (Note 14) (3) | (508 | ) | (465 | ) | (973 | ) | (551 | )
Letters of credit outstanding | (68 | ) | (51 | ) | (119 | ) | (104 | )
Credit facilities unused (1) | $ | 2,607 |  | $ | 1,122 |  | $ | 3,729 |  | $ | 2,399 |
(1) | Total credit facilities and short-term borrowings as at December 31, 2016 include $195 million (US$145 million) outstanding under ITC’s commercial paper program. Outstanding commercial paper does not reduce available capacity under the Corporation’s consolidated credit facilities.
(2) | The weighted average interest rate on short-term borrowings was approximately 1.7% as at December 31, 2016 (December 31, 2015 - 1.0%).
(3) | As at December 31, 2016, credit facility borrowings classified as long-term debt included $61 million in current installments of long-term debt on the consolidated balance sheet (December 31, 2015 - $71 million). The weighted average interest rate on credit facility borrowings classified as long‑term debt was approximately 1.8% as at December 31, 2016 (December 31, 2015 - 1.5%).
Corporation’s credit ratings | As at December 31, 2016, the Corporation’s credit ratings were as follows.
Rating Agency | Credit Rating | Type of Rating | Outlook
Standard & Poor’s (“S&P”) | A- | Corporate | Stable
| BBB+ | Unsecured debt | Stable
DBRS | BBB (high) | Unsecured debt | Stable
Moody’s Investor Service (“Moody’s”) | Baa3 | Issuer | Stable
| Baa3 | Unsecured debt | Stable

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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