Standard&Poor's Ratings Services' corporate credit rating on energy supply company Exelon Generation Co. LLC (ExGen)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 ExGen, which has increased in size to subsume Constellation Energy Corp.'s unregulated business. Exelon's business risk also reflects the "excellent" business risk profiles of regulated energy delivery businesses, Commonwealth Edison Co. (ComEd), PECO Energy Co. (PECO), and Baltimore Gas&Electric Co. (BGE), which have generally predictable transmission and distribution cash flows. As of Sept. 30, 2012, ExGen had about $7.4 billion of on-balance-sheet debt. However, parent Exelon had about $19.7 billion of on-balance-sheet debt. We also
