Moody's rates Exelon Generation notes A3

Moody's Investors Service said it assigned a rating of A3 to Exelon Generation Co., LLC planned issuance of senior unsecured notes.

Moody's also said it affirmed the company's ratings, along with the ratings of its parent company, Exelon Corp. and maintained the stable outlook.

The agency said it affirmed the company's issuer rating and senior unsecured bank credit facility at A3, short-term rating at prime-2 and shelf registration for the issuance of all senior unsecured debt and all preferred stock at a prospective A3 and prospective Baa2, respectively.

The proceeds will be used to fund a portion of the acquisition of John Deere Renewables for $860 million with up to an additional $40 million payable upon commencement of construction of the three Michigan projects, the agency said.

The ratings reflect the company's historical strong credit metrics and factors in the financial and business risks associated with managing a commodity business, Moody's said.

The ratings also consider the degree of holding company debt that exists at the parent company level, the agency said.

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