Low cost base-load generation, Strong operating track record, Positive free operating flow, and Large available liquidity and adequate cash flow. Exposure to market prices of a price taking fleet, Backwardated EBITDA profile and potential for a significant decline in Exelon's cash flow based on current 2012 and 2013 forward price curves, Uncertain tax position pertaining to structures the IRS has listed as abusive, Exposure to nuclear generation, and Aggressive financial policies. The ratings on supply company, Exelon Generation LLC (ExGen) and parent Exelon Corp reflects Exelon's consolidated business risk profile, which we view as 'strong'. (We categorize business profiles from 'excellent' to 'vulnerable'.) Exelon's business risk profile is a mix of the 'strong' risk profile of ExGen and the 'excellent'
