The photophysical properties of [Re(CO)(3)(dppz)(py)](+) (dppz = dipyrido-[3,2-a:2',3'-c] phenazine) and its 11,12 substituted derivatives [Re(CO)(3)(dppzMe(2))(py)](+) and [Re(CO)(3)(dppzF(2))(py)](+) have been examined in organic and aqueous environments using phosphorescence and picosecond transient visible and infrared absorption spectroscopic methods. The roles of the intraligand IL(pi-pi*) and metal-to-ligand charge transfer MLCT(phz) excited states are evaluated and used to explain the major effect of difluoro-substitution, which is particularly remarkable in water, where the excited state of [Re(CO)(3)(dppzF(2))(py)](+) is strongly quenched.