Full requirements contracts with PECO Energy Co. and Commonwealth Edison Co. Very low-cost nuclear generating capacity. Strong transmission links. Substantial nuclear asset exposure. Minimal fuel source diversity. Inherent market risk associated with merchant assets. The ratings on Exelon Generation Co. LLC reflect the nonregulated operating company's relationship with parent Exelon Corp., which as a consolidated entity has a slightly below-average business profile and a moderate financial profile. As a stand-alone entity, Exelon Generation would have sufficient credit quality to merit its 'A-' rating. However, the rating on Exelon Generation is 'A-' largely because of the consolidated low risk and free flow of funds among the Exelon family of companies. As a consolidated entity, Exelon derives its cash flow from the
