The ratings for Exelon Generation Co. L.L.C. reflect the nonregulated operating company's relationship with parent Exelon Corp., which as a consolidated entity has a slightly below-average business profile and a conservative financial profile. As a stand-alone entity, Exelon Generation would have sufficient credit quality to merit its 'A-' rating. However, the rating for Exelon Generation is 'A-' largely because of the consolidated low risk and free flow of funds among the Exelon family of companies. As a consolidated entity, Exelon derives its cash flow from the following business segments: 70% from regulated electric transmission and distribution operations that serve a customer base in northern Illinois and southeastern Pennsylvania, and regulated natural gas sales and distribution in southeastern Pennsylvania; and 30%
