The ratings on supply company, Exelon Generation LLC (ExGen) and parent Exelon Corp reflects Exelon's consolidated business risk profile, which we view as 'strong'. (We categorize business profiles from 'excellent' to 'vulnerable'.) Exelon's business risk profile is a mix of the 'strong' risk profile of ExGen and the 'excellent' business risk profiles of its two regulated delivery businesses, Commonwealth Edison (ComEd) and PECO Energy (PECO). ExGen, which accounts for about 70% of the consolidated enterprise by cash flow and capital expenditures, is characterized by long-term exposure to market risk and meaningful exposure to nuclear assets (17,000 megawatts [MW] across 19 units). The enterprise's risks are partially offset by the solid operating performance of ExGen's low-cost nuclear fleet and the relative
