Ameren

Balance sheet quality is solid for a regulated utility. The parent is rated Moody’s Baa1 and S&P BBB+ with stable outlooks, and operating subsidiaries are A‑category on secured debt. Liquidity is supported by credit facilities and commercial paper access.

That said, leverage is structurally high and interest costs are rising, while sustained negative free cash flow reflects heavy capital investment. TTM CFO is approximately 3.01 billion and TTM capex about 4.56 billion, yielding roughly negative 1.55 billion FCF.

We view this as acceptable given high visibility of regulatory recovery and rate base expansion, but it reduces flexibility during stressed capital markets.

Key rate‑sensitive risks include prolonged higher long‑term yields, which we estimate around 4.1 to 4.4 percent in October 2025, and potential equity market softness during ATM or forward sale settlements.