Ameren

“A portion of our equity needs could be satisfied through issuance of hybrid debt securities at the parent company, which receive 50% equity credit from Moody's and S&P.”

Ameren notes its parent-company hybrid debt securities receive 50% equity credit from S&P (S&P Global Ratings), a factor in structuring its 2026-2030 financing plan.

“A portion of our equity needs could be satisfied through issuance of hybrid debt securities at the parent company, which receive 50% equity credit from Moody's and S&P.”

Ameren notes its parent-company hybrid debt securities receive 50% equity credit from Moody's, a factor in structuring its 2026-2030 financing plan.

“we're sitting at Baa1, BBB+. Moody's is really that threshold metric for us. It is a 17% downgrade threshold today.”

Ameren cites Moody's Baa1 rating and its 17% FFO-to-debt downgrade threshold as the binding constraint on its balance-sheet capacity.

“Looking ahead, Boeing has begun construction of new facilities to build the F-47 fighter approved earlier this year. Production of the F-47 is scheduled to start in 2026.”

Boeing is expanding its St. Louis footprint with new F-47 fighter facilities inside Ameren's Missouri service territory, a positive read-through for Boeing's defense program and regional load growth.

“Moody's and S&P affirmed our Baa1 and BBB+ issuer credit ratings, respectively, in their annual credit opinions issued in the second quarter, a signal of our ongoing financial strength and stability.”

S&P affirmed Ameren's BBB+ issuer credit rating in its second-quarter annual credit opinion.

“Moody's and S&P affirmed our Baa1 and BBB+ issuer credit ratings, respectively, in their annual credit opinions issued in the second quarter, a signal of our ongoing financial strength and stability.”

Moody's affirmed Ameren's Baa1 issuer credit rating in its second-quarter annual credit opinion.

“Unilever has had some nice expansions, GM, et cetera.”

Unilever is cited among manufacturers expanding operations in Ameren's service territory, contributing to industrial sales growth.

“Air dominance contract that was awarded to Boeing. It's probably a $20-plus billion investment over time in the F47.”

Boeing's F-47 air dominance contract is expected to drive a $20-billion-plus investment over time in Ameren's Missouri service territory, contributing to the region's manufacturing-driven load growth.

“And look, we continue to advocate with Moody’s, in particular, that downgrade threshold probably should come down too as well.”

Ameren is advocating with Moody's to lower its FFO-to-debt downgrade threshold given its improved regulatory track record.

“On the balance sheet front, in April, S&P affirmed our BBB+ credit rating, and we expect Moody’s to issue its annual credit opinion update later this month.”

S&P affirmed Ameren's BBB+ credit rating in April, reflecting the company's financing position.

“Notably, Boeing was recently awarded The Next Generation Air Dominance contract by the federal government valued at least $20 billion.”

Boeing's new federal defense contract and St. Louis campus expansion are cited as a strategic economic-development win supporting Ameren Missouri's service territory demand.

“Just to remind you, at S&P, we're at 13%. So we're probably closer to the upgrade threshold than we are the downgrade threshold given where we maintain the metrics.”

Ameren's CFO says the company's credit metrics sit closer to S&P's upgrade threshold (13%) than its downgrade threshold, reinforcing confidence in funding a 20%-larger capital plan with minimal incremental equity.