Fitch revises Exelon to positive

Fitch Ratings said it affirmed the BBB long-term issuer default ratings of Exelon Corp., Exelon Generation Co., LLC, Pepco Holdings LLC, Potomac Electric Power Co. and Atlantic City Electric Co., and the BBB+ issuer default ratings of Commonwealth Edison Co., PECO Energy Co., Baltimore Gas and Electric Co. and Delmarva Power & Light Co.

The outlooks for Exelon, PECO Energy and Baltimore Gas were revised to positive from stable. All other outlooks remain stable.

Fitch said the positive outlook for Exelon is predicated on actual metrics post the Pepco Holdings merger, which are stronger than originally anticipated, and continued strides in securing favorable rate outcomes in most Pepco Holdings jurisdictions.

The positive outlook is also based on the commitment to $3 billion combined reduction in Exelon parent-only/Exelon Generation debt, the agency added.

Exelon’s FFO-adjusted leverage is expected to average slightly below 4 times over the forecast period.

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