FFO/Net Debt Ratio definition
FFO/Net Debt Ratio means, as of the end of any fiscal quarter of ITC Investments, the ratio of (i) cash flow from operations before changes in working capital and before changes in other short-term and long-term operating assets and liabilities (with respect to the twelve months preceding the end of such fiscal quarter) to (ii) Consolidated Debt less cash and cash equivalents and less cash-like current financial assets (as of the last day of such fiscal quarter).
FFO/Net Debt Ratio means the Borrower’s reported 12-months result after taxes, (A) corrected for
Examples of FFO/Net Debt Ratio in a sentence
In determining the amount of any dividend, ITC intends to maintain a FFO/Net Debt Ratio (as defined in the Shareholders’ Agreement) of 12% or less.
In making such determination the Borrower shall amongst other things take into account its funding plan, its financial policy framework and any guidance received from the Rating Agencies in respect of the impact of any decision not to exercise its Conversion Right on the Borrower’s credit ratings and the FFO/Net Debt Ratio.