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Bulletin: Calpine Corp.'s Share Repurchase Program Does Not Affect Credit Ratings Aug 11
Standard & Poors, Aug 2011
Abstract
SAN FRANCISCO (Standard & Poor's) Aug. 24, 2011--Standard & Poor's said today that Calpine Corp.'s (B/Stable/--) proposed $300 million share repurchase program, announced Aug. 23, 2011, does not affect the company's corporate credit rating. Because the company is not debt financing the buyback, there will be no impact on Calpine's cash flow-based financial ratios. The company's $1.14 billion cash balance as of June 30, 2011 and its $1 billion corporate revolving credit facility are sufficient to meet its liquidity requirements, and Calpine has no large near-term cash needs for debt maturities or capital expenditures. Calpine's liquidity, after reducing cash by $300 million, is also comfortable under our liquidity survey, which measures the adequacy of liquidity to simultaneously meet a credit...
Companies mentioned in this report are: Calpine Corp.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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