Moody's affirms Exelon

Moody's Investors Service said it affirmed Exelon Corp.'s Baa1 senior unsecured debt and Exelon Generation LLC's A3 senior unsecured debt ratings. The short-term rating for commercial paper is also affirmed at Prime-2.

The outlook remains stable.

The affirmation comes after Exelon's board approved continuing its share repurchase program by buying back up to an additional $1.5 billion of common stock, Moody's said.

Ratings reflect each company's strong credit metrics as well as the financial and business risks associated with managing both regulated utilities and a commodity business in the wholesale merchant power market, the agency said.

Ratings incorporate the very strong competitive position of ExGen's assets, the agency noted.

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