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Fixed Income Investors

Exelon Fixed Income Investors

Capital expenditure expectations 



Note:  Numbers rounded to nearest $25M and may not add due to rounding
(1) Capital Expenditures reflect retirement of TMI in 2019
(2) Capital spend represents cash CapEx with CENG at 100% and excludes merger commitments
(3) 2019E growth capital expenditures reflects a ~$75M shift of cash outlay from 2018A to 2019E related to West Medway and Retail Solar


Exelon Debt maturity Profile as of December 31, 2018(1) ($M)


(1) Maturity profile excludes non-recourse debt, securitized debt, capital leases, fair value adjustments, unamortized debt issuance costs and unamortized discount/premium


Current Credit Ratings as of March 31, 2019


Current Ratings (1)(2)ExCorp ExGenComEdPECOBGEACEDPLPepco
Moody’s
Baa2
Baa2A1Aa3A3
A3(2)
A2A2
S&PBBB
BBB+A
A
A
AAA
FitchBBB+
BBBAA+
A
A-AA-

(1) Table reflects senior unsecured ratings as of March 31, 2019 for Exelon, Exelon Generation and BGE and senior secured ratings for ComEd, PECO, ACE, DPL and Pepco. Exelon’s S&P Issuer credit rating (not shown in table) is BBB+ as of March 31, 2019.
(2) ACE is on “Positive” outlook at Moody’s; all other ratings have a “Stable” outlook


Available liquidity summary as of December 31, 2018


Exelon Liquidity Summary

(1) Excludes $135 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $49 million, $33 million, $34 million, $5 million, $5 million, $5 million and $5 million, respectively. These facilities expire on October 11, 2019. These facilities are solely utilized to issue letters of credit. As of December, 31, 2018, letters of credit issued under these facilities totaled $5 million and $2 million for Generation and BGE, respectively.
(2) Excludes $545M in bilateral facilities and $159M in Project Finance facilities that do not back Generation’s commercial paper program. As of December 31, 2018, outstanding letters of credit issued under these facilities totaled $353M and $119M, respectively. 


Exelon corporate structure and debt outstanding 


Note: Simplified organizational chart; additional subsidiaries are not shown.
Note: Debt outstanding is as of 12/31/18; see Form 10-K for details
Note: Numbers rounded to nearest $25M