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Calpine Corp.'s Corporate Credit Rating Raised To 'B+' And Secured Debt Raised To 'BB-' Sep 11
Standard & Poors, Sep 2011
Abstract
SAN FRANCISCO (Standard & Poor's) Sept. 30, 2011--Standard & Poor's Ratings Services today raised Calpine Corp.'s (Calpine) corporate credit rating to 'B+' from 'B'. We also raised the rating on secured debt at Calpine Corp. to 'BB-' from 'B+'. The '2' recovery rating on the secured debt is affirmed, indicating expectations for substantial recovery of principal (70% to 90%) in the event of a payment default. The outlook is stable. We also revised the company's business profile to 'fair' from 'weak', while the financial profile remains 'highly leveraged'. The rating upgrade reflects several factors that benefit both the business and financial profiles of the company. These include the acquisition of the Connectiv assets in June 2010, which added capacity revenues...
Companies mentioned in this report are: Calpine Corp.
Action: Upgraded
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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