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Power Contract Financing LLC Senior Secured Notes Rated 'BBB' Jun 03 Product Image

Power Contract Financing LLC Senior Secured Notes Rated 'BBB' Jun 03

  • ID: 1925007
  • June 2003
  • Standard & Poors

FEATURED COMPANIES

  • Calpine Corp.
  • Morgan Stanley
  • MORE

Abstract
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

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.

- California Dept of Wtr Resources
- Morgan Stanley
- Calpine Corp.

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