We believe that, despite a weakening business risk profile, unregulated supply company Exelon Generation Co. LLC (ExGen) is still "core" to parent Exelon Corp. and draws support from the parent. We still view ExGen's business risk profile as satisfactory. Yet, there is increasing pressure on ExGen's stand-alone credit profile (SACP). In order to maintain its SACP, ExGen will have to maintain adjusted funds from operation (FFO) to debt above 35% and adjusted debt to EBITDA below 2.75x. Given the backwardated cash flow profile, maintaining the SACP will involve significant deleveraging through 2020. We have revised ExGen's liquidity assessment to adequate from strong. This change does not affect the SACP. We are affirming our 'BBB' corporate credit rating on ExGen. We
