NEW YORK (Standard&Poor's) April 17, 2009--Standard&Poor's Ratings Services said today that Exelon Generation Co.'s (ExGen) 'BBB' long-term corporate credit rating remains on CreditWatch with negative implications following parent Exelon Corp.'s hostile bid to acquire NRG Energy Inc. (B+/Watch Pos/B-2). "The CreditWatch listing reflects Exelon's willingness to increase its business risk profile by acquiring a merchant power generation company with a significantly weaker business profile and considerably greater leverage," said Standard&Poor's credit analyst Aneesh Prabhu. NRG's board and management have continued to oppose the Exelon proposal at the offered exchange ratio, resulting in a proxy fight. Exelon has recently proposed expanding NRG's board to 19 from 13, and nominating nine directors to the board, after
