Summary: Exelon Corp. Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services' 'BBB' corporate credit rating on Chicago-based electric utility holding company Exelon Corp. reflects its consolidated business risk profile, which we view as strong. (We categorize business profiles from excellent to vulnerable. See "Business Risk/Financial Risk Matrix Expanded," published May 27, 2009, on RatingsDirect on the Global Credit Portal.) Exelon's business risk profile reflects the higher-risk operations of unregulated supply affiliate Exelon Generation Co. LLC (ExGen) and the excellent business risk profiles of its two regulated delivery businesses, Commonwealth Edison Co. (ComEd) and PECO Energy Co. ExGen, which accounted for about 60% of the consolidated enterprise by cash flow and capital spending in 2010, has long-term exposure to market risk and meaningful exposure to nuclear assets...

Companies mentioned in this report are: Exelon Corp.,Commonwealth Edison Co.,PECO Energy Co.,Constellation Energy Group Inc.,Exelon Generation Co. LLC
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.

Exelon Corp.,Commonwealth Edison Co.,PECO Energy Co.,Constellation Energy Group Inc.,Exelon Generation Co. LLC

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