...March 12, 2024 NEW YORK (S&P Global Ratings) March 12, 2024--S&P Global Ratings today assigned its '###+' issue-level rating to Constellation Energy Generation LLC's (CEG) proposed $900 million senior unsecured notes due 2054. The company intends to use the net proceeds from these notes for eligible green projects. While this financing is not leverage neutral and will increase CEG's long-term debt position, it is consistent with our expectations for its financial measures through 2025. The stable outlook reflects our expectation that the company's S&P Global Ratings-adjusted debt to EBITDA and funds from operations to debt will remain about 2.0x and about 40%, respectively. We also anticipate CEG will generate robust cash flows with less volatility due to nuclear credits and the price floor provided by its nuclear production tax credits. Furthermore, we forecast the company's S&P Global Ratings-adjusted free operating cash flow to debt will be in the 20% range or higher....
