The ratings on Exelon Generation Co. LLC 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 moderate financial profile. As a stand-alone entity, Exelon Generation would have sufficient credit quality to merit its 'A-' rating. However, the rating is largely due to the consolidated low risk and free flow of funds among the Exelon family. As a consolidated entity, Exelon derives its cash flow from the following business segments: 70% from regulated electric transmission and distribution (T&D) operations, which serve a customer base in northern Illinois and southeastern Pennsylvania, and regulated natural gas sales and distribution in southeastern Pennsylvania and 30% from nonregulated owned and contracted
