ExGen's 'BBB' corporate credit ratings reflect the consolidated credit quality of parent Exelon Cop. Exelon's business profile reflects the higher-risk business risk profile of unregulated supply affiliate ExGen, and the excellent business risk profiles of its two regulated delivery businesses, Commonwealth Edison (ComEd) and PECO Energy. ExGen, which accounts for about 70% of consolidated cash flow, is characterized by long-term exposure to market risk, material exposure to nuclear assets, and moderate counterparty credit exposure. These risks are partially offset by the solid performance of ExGen's low-cost nuclear fleet and the relative stability of PECO's and ComEd's cash flows. Other drivers of consolidated business risk include the political and regulatory environment at ComEd, where legislative risk has abated after a settlement
