The 'BBB' corporate credit rating on Exelon Generation Co., LLC (ExGen) reflects the consolidated credit profile of parent Exelon. Corp. We view parent Exelon's business risk profile as "strong" (We categorize business profiles from "excellent" to "vulnerable" under our criteria.) Exelon's business risk profile reflects the higher-risk operations of unregulated ExGen, which have now increased in size to subsume Constellation Energy Group's unregulated business. Exelon's business risk also reflects the "excellent" business risk profiles of regulated delivery businesses, Commonwealth Edison Co. (ComEd), PECO Energy Co.,and Baltimore Gas&Electric (BGE), which have generally predictable transmission and distribution cash flows. The newly formed combination of Exelon and Constellation is the nation's second-largest regulated distributor of electricity and gas, with 5.4 million
