S&P Global Ratings has flagged a possible downgrade atExGen Texas Power LLCafter revising its outlook on the ExelonCorp. unit to negative.

ExGen Texas is rated B+ at the agency which expects lowerpower pricing at the ElectricReliability Council of Texas Inc. to linger over the next fewyears. As a result, the entity's ability to trim refinancing risk and entermore lucrative hedges at maturity of debt is at doubt.

Moody's hadwarned in March that the credit profiles of unregulated merchantpower project finance issuers could weaken if low natural gas and power pricespersist.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.