Standard&Poor's Ratings Services' corporate credit ratings on supply company, Exelon Generation Co. LLC reflects the consolidated business risk profile of parent Exelon Corp., which we view as "strong." In turn, Exelon's business risk profile reflects the higher-risk operations of unregulated supply affiliate Exelon Generation Co. LLC (ExGen), which has increased in size to subsume Constellation's unregulated business. Exelon's business risk also reflects the "excellent" business risk profiles of regulated delivery businesses, Commonwealth Edison (ComEd), PECO Energy Co. (PECO), and Baltimore Gas&Electric Co. (BGE), which have generally predictable transmission and distribution cash flows. As of June 30, 2012, Exgen had about $7.2 billion of on-balance-sheet debt. However, parent Exelon had about $18.4 billion of on-balance-sheet debt. We
