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Research Update: Calpine Corp.'s $360 Million Senior Secured Facility Assigned 'B+' Rating Jun 11 Product Image

Research Update: Calpine Corp.'s $360 Million Senior Secured Facility Assigned 'B+' Rating Jun 11

  • Published: June 2011
  • Standard & Poors

FEATURED COMPANIES

Abstract
Standard & Poor's Ratings Services today assigned its 'B+' rating to Calpine Corp.'s (Calpine; B/Stable/--) proposed $360 million senior secured term loan credit facility due 2018. The term loan was assigned a recovery rating of '2'. The proceeds will be used to refinance project finance debt at Deer Park Energy Center LLC and Metcalf Energy Center LLC. Debt at these subsidiaries is currently not rated but is consolidated into Calpine's finances as part of Calpine's 'B' corporate credit rating. On June 7, 2011, Standard & Poor's Ratings Services assigned its 'B+' rating to Calpine Corp.'s proposed $360 million senior secured term loan credit facility due 2018. The loan was assigned a recovery rating of '2', indicating our expectation for substantial...

Companies mentioned in this report are: Calpine Corp.
Action: New Rating

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 READ MORE >

Calpine Corp.

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