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Calpine Construction Finance Co LP Oct 05
Standard & Poors, Oct 2005
Abstract
All plants completed and operating, Some level of contract based revenue, and Index hedge somewhat mitigates liquidity risk. Cash flow highly dependant on volatile power market, Dependant on Calpine Corp to guarantee operating performance, and Weak funds from operations interest coverage. The 'B-' rating on Calpine Construction Finance Co. L.P. reflects the fact that revenues will predominantly come from volatile merchant power sales. Calpine Construction is a 100%-owned subsidiary of Calpine Corp. (B-/Negative/--) that owns seven geographically diverse merchant natural gas combined-cycle generating assets in five different energy regions with a total capacity (including peaking) of 4,227 MW. The operator, Calpine Operating Services Inc., is experienced and there is a de facto guarantee of operating performance through the power-purchase agreement...
Companies mentioned in this report are: Calpine Construction Finance Co. L.P.,AES Corp. (The),Calpine Corp.,Calpine Generating Co. LLC
Action: Review
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
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