SHORT-TERM DEBT AND LIQUIDITY

The liquidity needs of the Ameren Companies are typically supported through the use of available cash, drawings under committed credit agreements, commercial paper issuances, or, in the case of Ameren Missouri and Ameren Illinois, short-term intercompany borrowings. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, in the Form 10-K for a description of our indebtedness provisions and other covenants as well as a description of money pool arrangements.

The Missouri Credit Agreement and the Illinois Credit Agreement, both of which expire in December 2021, were not utilized for direct borrowings during the nine months ended September 30, 2017, but were used to support commercial paper issuances and to issue letters of credit. Based on commercial paper outstanding, as well as letters of credit issued under the Credit Agreements, the aggregate amount of credit capacity available under the Credit Agreements to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, at September 30, 2017, was $1.7 billion. The Ameren Companies were in compliance with the covenants in their Credit Agreements as of September 30, 2017. As of September 30, 2017, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the provisions of the Credit Agreements, were 51%, 47%, and 46% for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

Commercial Paper

The following table presents commercial paper outstanding as of September 30, 2017, and December 31, 2016:



	2017		2016
Ameren (parent)	$	277	$	507
Ameren Missouri	—		—
Ameren Illinois	169		51
Ameren Consolidated	$	446	$	558

The following table summarizes the borrowing activity and relevant interest rates under Ameren’s (parent), Ameren Missouri’s, and Ameren Illinois’ commercial paper programs for the nine months ended September 30, 2017 and 2016:



	Ameren (parent)			Ameren Missouri			Ameren Illinois			Ameren Consolidated
2017
Average daily commercial paper outstanding	$	669		$	7		$	78		$	754
Weighted-average interest rate	1.27		%	1.20		%	1.28		%	1.27		%
Peak commercial paper during period^(a)	$	841		$	64		$	193		$	948
Peak interest rate	1.50		%	1.41		%	1.50		%	1.50		%
2016
Average daily commercial paper outstanding	$	435		$	80		$	48		$	563
Weighted-average interest rate	0.81		%	0.74		%	0.72		%	0.79		%
Peak commercial paper during period^(a)	$	574		$	208		$	195		$	839
Peak interest rate	0.95		%	0.85		%	0.85		%	0.95		%


(a)	The timing of peak commercial paper issuances varies by company. Therefore, the sum of peak commercial paper issuances presented by company does not equal the Ameren Consolidated peak commercial paper issuances for the period.

Money Pools

Ameren has money pool agreements with and among its subsidiaries to coordinate and provide for short-term cash and working capital requirements. The average interest rate for borrowing under the utility money pool for the three and nine months ended September 30, 2017, was 1.24% and 1.18%, respectively (2016 – 0.53% and 0.54%, respectively). See Note 8 – Related Party Transactions for the amount of interest income and expense from the money pool arrangements recorded by the Ameren Companies for the three and nine months ended September 30, 2017 and 2016.