XML 79 R72.htm IDEA: XBRL DOCUMENT v3.6.0.2
Financial Risk Management (Tables)
 12 Months Ended
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