Low-cost base-load generation Strong operating track record Exposure to market prices of a price-taking fleet A capacity market that is still not responding to price signals Exposure to nuclear generation Backdated EBITDA profile and potential for a significant decline in cash flow Positive operating cash flow Strong liquidity position The outlook on Exelon Generation Co. LLC's (ExGen) ratings is stable. That said, we believe that higher natural gas production from shale gas plays and a delay in environmental rules related to plant retirements can significantly hurt the company's financial performance. We believe these headwinds have increased and parent Exelon Corp. faces a potential earnings decline in 2014. If the prevailing commodity environment persists, the company may have to address its
