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Calpine CCFC Holdings LLC May 09
Standard & Poors, May 2009
Fully contracted output; Experienced operator and well-performing assets; Geographic diversity; and Absence of working capital needs and liquidity risks. Counterparty exposure to Calpine Corp.; and Absence of debt service reserve or dividend restrictions. The 'B' corporate credit rating on Calpine CCFC Holdings LLC (CCFC) is the same as that on Calpine Corp., reflecting the substantial ownership, operational, and financial linkages between Calpine and CCFC: Calpine owns 100% of CCFC; Calpine Energy Services (CES), a Calpine subsidiary, is the counterparty for 2,866 megawatts (MW) of contracts out of CCFC's total ownership of 3,616 MW; Calpine operates CCFC's power plants and is responsible for supplying natural fuel for the plants; and All Calpine assets are dispatched as a single portfolio. CCFC is...
Companies mentioned in this report are: Calpine CCFC Holdings LLC,Calpine Corp.,Gilroy Energy Center LLC,Calpine Construction Finance Co. L.P.,CCFC Finance Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Calpine CCFC Holdings LLC,Calpine Corp.,Gilroy Energy Center LLC,Calpine Construction Finance Co. L.P.,CCFC Finance Corp.