Exelon Generation Co. LLC's (ExGen) ratings reflect the consolidated credit profile of parent Exelon Corp. We believe ExGen's standalone credit quality is higher. Chicago, Ill.-based parent Exelon distributes electricity to about 5.4 million customers in Illinois and Pennsylvania, and natural gas to 480,000 customers in the Philadelphia area through its regulated subsidiaries, Commonwealth Edison Co. (ComEd) and PECO Energy Co. The company is also engages in unregulated energy generation, wholesale power marketing, and energy delivery through its ExGen subsidiary. Exelon's consolidated business profile score is strong. (Business profiles are categorized from excellent to vulnerable.) Exelon's strong business profile reflects the business risk profiles of unregulated ExGen, which is currently viewed as strong, and the business risk profiles of its two
