NEW YORK--(BUSINESS WIRE)--Fitch Ratings considers the District of Columbia Public Service Commission's (PSC) denial of the proposed merger between Exelon Corp. (EXC, 'BBB+' IDR, Rating Watch Negative) and Pepco Holdings, Inc. (PHI) to be unfavorable for EXC due to the expense and financing costs incurred to date. However, the denial of the merger will not be the sole driver of resolving the company's Rating Watch Negative status. Fitch revised EXC's Rating Outlook to Negative prior to the PHI
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