Fitch cuts Exelon, ups Potomac Electric, others

Fitch Ratings said it downgraded the long-term issuer default rating of Exelon Corp. to BBB from BBB+ and affirmed Exelon's short-term IDR at F2.

Both ratings have been removed from Rating Watch negative. The outlook is stable.

Additionally, Fitch said it affirmed the long-term IDRs as follows: PECO Energy Co. (PECO) and Baltimore Gas and Electric Co. (BGE) at A-; and Commonwealth Edison Co. (ComEd) and Delmarva Power and Light Co. (DPL) at BBB+.

Fitch has upgraded Pepco Holdings LLC (PHI), Potomac Electric Power Co. (Pepco) and Atlantic City Electric Co. (ACE) to BBB+ from BBB.

The outlooks for the above entities are stable. The short-term IDRs of ComEd, PECO, BGE, Pepco, DPL and ACE have been affirmed at F2.

“The downgrade of Exelon reflects higher leverage upon separation of unregulated generation subsidiary, Exelon Generation (ExGen, NR), which results in metrics that are no longer consistent with a BBB+ rating, despite the improved business profile,” Fitch said in a news release.

The upgrade of Pepco, ACE and PHI reflect improved credit profiles resulting from a recent track record of supportive regulatory decisions and balance sheet support from Exelon, the agency said.

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