Baltimore Gas & Electric Co. Nov 11

Standard & Poors, November 2011

Abstract
Structural protections that insulate the company from its parent's higher-risk businesses; Lower-risk transmission and distribution operations; and Credit-supportive regulatory mechanisms. Less credit-supportive regulatory environment; and Regulatory lag that reduces the company's cash flow measures. Standard & Poor's Ratings Services' 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 significant financial risk profile. Recently, Constellation announced that it will merge with Exelon Corp. in a stock-for-stock transaction that requires 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...

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

Research Type: Full Analysis

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

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