ExGen Renewables IV, LLC Assigned 'BB' Corporate Credit Rating; Term Loan Rated 'BB+'

We are assigning our 'BB' long-term corporate credit rating to ExGen Renewables IV, LLC (EGR IV), a newly formed Delaware LLC and indirect subsidiary of Exelon Corp that was created to own and operate a portfolio of 33 contracted wind, solar, and biomass energy generation assets located in the continental USA. We are also assigning our 'BB+' issue-level rating and '2' recovery rating to the company's $750 million term loan due 2024. The stable outlook reflects our view that all assets across the portfolio are operating, and that the portfolio is fully contracted (average remaining contract life 18.5 years) with highly rated counterparties. It also reflects the diversity of income with an expected split of 40%-45% wind, 40%-45% solar, 3%-4%

...+ We are assigning our '##' long-term corporate credit rating to ExGen Renewables IV, LLC (EGR IV), a newly formed Delaware LLC and indirect subsidiary of Exelon Corp that was created to own and operate a portfolio of 33 contracted wind, solar, and biomass energy generation assets located in the continental USA. + We are also assigning our '##+' issue-level rating and '2' recovery rating to the company's $750 million term loan due 2024. + The stable outlook reflects our view that all assets across the portfolio are operating, and that the portfolio is fully contracted (average remaining contract life 18.5 years) with highly rated counterparties. It also reflects the diversity of income with an expected split of 40%-45% wind, 40%-45% solar, 3%-4% distributed solar, and 10%-15% biomass. CENTENNIAL (S&P Global Ratings) Nov. 7, 2017--S&P Global Ratings assigned its '##' long-term corporate credit rating to Delaware-based ExGen Renewables IV, LLC. The outlook is stable. At the same time, S&P...

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