Moody's affirms Constellation Energy

Moody's Investors Service said it affirmed Constellation Energy Group, Inc.'s Baa1 senior unsecured and Prime-2 short-term debt ratings and those of its subsidiary Baltimore Gas & Electric Co.'s Baa2 senior unsecured and Prime-2 short-term debt ratings.

The outlook is negative.

Constellation Energy's Baa1 senior unsecured rating reflects the complexity of the company's various unregulated business lines, the agency said.

Concerns are somewhat tempered by the fact that the company benefits from the rolloff of below market hedges, resulting in better margins from the sale of power out of its unregulated generation fleet, Moody's noted.

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