- Published: July 2011
- Region: Global
Summary: Power Contract Financing LLC Jan 04
- Published: January 2004
- Standard & Poors
Calpine Corp. (B/Negative/--) formed Power Contract Financing LLC (PCF; BBB/Negative/--) to monetize a power sales agreement (PSA) between the California Department of Water Resources (CDWR; BBB+/Watch Neg/--) and Calpine Energy Services (CES). PCF purchased the right, title, and interest in the CDWR PSA; sells electric energy and provides electric capacity to CDWR under the PSA; entered into a mirror power-purchase agreement (PPA) with Morgan Stanley Capital Group (MSCG); purchases electric energy from MSCG and has MSCG make available additional electric energy under the PPA; entered into an indenture and related financing documents; issued the notes discussed herein, and engages in other activities incidental to the above. PCF's 'BBB' rating is supported by the contractual structure provided by the transaction documents....
Companies mentioned in this report are:
- Morgan Stanley
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >
- Morgan Stanley