Our 'BBB' corporate credit rating on Exelon Generation Co. (ExGen) reflects parent Exelon Corp's consolidated business risk profile, which we view as strong. (We categorize business profiles from excellent to vulnerable.) Exelon's business profile reflects the higher-risk operations of unregulated electricity ExGen and the excellent business risk profiles of its two regulated delivery businesses, Commonwealth Edison Co. (ComEd) and PECO Energy Co. (PECO). ExGen, which accounts for about 70% of the consolidated enterprise by cash flow and capital spending, has long-term exposure to market risk and meaningful exposure to nuclear assets (17,000 megawatts [MW] across 19 units). Partially offsetting the enterprise's risks are the solid operating performance of ExGen's low-cost nuclear power plants and the relative stability of PECO and
