Summary: Baltimore Gas & Electric Co.

Standard & Poors, May 2011

Abstract
The ratings on Baltimore Gas & Electric Co. (BGE) reflect its stand-alone credit quality, apart from Constellation Energy Group Inc.'s credit profile. The rating also reflects BGE's excellent business risk profile and aggressive financial risk profile. As of March 31, 2011, the Baltimore-based BGE had about $2.2 billion of total debt outstanding. Recently, Constellation announced that it will merge with Exelon Corp. in a stock-for-stock transaction that will require the approval of the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission, the Department of Justice, the Maryland Public Service Commission, the New York Public Service Commission, the Public Utility Commission of Texas, and other state and federal regulatory bodies. The companies expect that the merger will close in early...

Companies mentioned in this report are: Baltimore Gas & Electric Co.,Constellation Energy Group Inc.,Exelon Corp.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Baltimore Gas & Electric Co.,Constellation Energy Group Inc.,Exelon Corp.

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