Power Contract Financing LLC Senior Secured Notes Rated 'BBB' Jun 03
- ID: 1925007
- June 2003
- Standard & Poors
NEW YORK (Standard & Poor's) June 6, 2003--Standard & Poor's Ratings Services assigned its preliminary 'BBB' rating to Power Contract Financing LLC's senior secured notes. The outlook is negative. Calpine Corp. ('B'/Negative) formed Power Contract Financing LLC (PCF) to monetize a power sales agreement (PSA) between the California Department of Water Resources (CDWR; BBB+/Watch Neg) and Calpine Energy Services (CES). PCF will purchase the right, title, and interest in the CDWR PSA; sell electric energy and provide electric capacity to CDWR under the PSA; enter into a mirror power purchase agreement (PPA) with Morgan Stanley Capital Group (MSCG); purchase electric energy from MSCG and have MSCG make available additional electric energy under the PPA; enter into an indenture and related...
Companies mentioned in this report are:
- California Dept of Wtr Resources
- Morgan Stanley
- Calpine Corp.
Action: New Rating
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Research type: News
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