Our 'BBB' stand-alone credit profile (SACP) on Exelon Generation Co. LLC (ExGen) stems from: Our anchor of 'bbb', based on our "satisfactory" business risk and "intermediate" financial risk profile assessments of the company. We view ExGen as a "core" subsidiary of Exelon Corp. As a result, our 'BBB' corporate credit rating on ExGen reflects parent Exelon's group credit profile (GCP), which is also 'BBB'. We base parent Exelon's anchor of 'bbb' on our "strong" business risk and "significant" financial risk profile assessments of the company. Low-cost base-load generation Strong operating track record Although base-load units are positioned to capture upward energy price movements, and gas assets are well positioned to capture expansion in market heat rates, declining natural gas prices
