Exelon Generation Co. LLC (EGC) is the wholly owned, unregulated generation subsidiary of Exelon Corp., which also owns two very large, regulated utilities, Commonwealth Edison Co. (ComEd) and PECO Energy Co., as well as other unregulated units. Standard&Poor's considers EGC integral to Exelon's business strategy. Also, because there are no regulatory or other structural barriers in Illinois or Pennsylvania that sufficiently restrict access by the parent to the assets and cash flow of the subsidiaries, Standard&Poor's views the default risk of EGC as same as that of Exelon, ComEd, and PECO Energy. If Exelon's integrated strategy were to change, the ratings on EGC would be based on its stand-alone credit quality. Currently, if EGC were treated
