...Exelon Corporation (EXC) is an energy holding company engaged through its subsidiaries in regulated electric and natural gas delivery operations, wholesale power generation and retail energy marketing. EXC's Issuer Default Rating (IDR) reflects the company's stable utility cash flows, offset by the more volatile merchant generation subsidiary, Exelon Generation Co. LLC (ExGen; BBB/Stable). The March 2019 upgrade of EXC was predicated on actual metrics following the 2016 merger with Pepco Holdings LLC (PHI; BBB/Stable), which were stronger than originally anticipated; continued strides in securing favorable rate outcomes in PHI jurisdictions; and the strength of EXC's legacy operating utilities. EXC's six regulated utility subsidiaries operate in Illinois, Pennsylvania, Maryland, Delaware, New Jersey and the District of Columbia, serving a combined 10 million electric and gas customers. ExGen is among the nation's largest competitive generating companies and the largest owner of nuclear...
