Supportive electric utility restructuring legislation, Stable revenue stream, and Ownership of lower-risk electric transmission and distribution system. Rate freezes expose the company to nonrecovery of excessive costs, Exelon's large off-balance-sheet obligations, and Noncontiguous service territory with affiliate Commonwealth Edison Co. The ratings on Exelon Generation Co. LLC reflect the consolidated credit quality of parent Exelon Corp., a diversified energy company. The ratings on Exelon and its affiliates are on CreditWatch with negative implications pending the completion of the merger with Public Service Enterprise Group Inc. (BBB/Watch Dev/A-3). As of Dec. 31, 2005, Chicago, Ill.-based Exelon had $10.5 billion of debt outstanding. The regulatory climate in Illinois has become exceptionally politicized and uncertain and may lead to debilitating rate decisions should
