SAN FRANCISCO (Standard&Poor's) Oct. 13, 2009--Standard&Poor's Ratings Services said today that it assigned its 'B+' rating to electricity generator Calpine Corp.'s proposed $750 million senior secured bonds. The recovery rating on the bonds is '2', indicating expectations for substantial (70%-90%) recovery of interest and principal in the event of a Calpine default. At this level, we rate secured debt one notch above the 'B' corporate credit rating on Calpine. The outlook is stable. "The proceeds will refinance existing first-lien term loans that were part of the company's bankruptcy exit financing. The exchange will be par for par, with lenders receiving a bond with face value equal to that of the term loan tendered. The bonds will
