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Calpine Rated 'B', $7.3 Billion Facility 'B+' (Recovery Rating: 2) Upon Bankruptcy Emergence

Published Feb 04, 2008

728 words — Published Feb 04, 2008

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Abstract:

SAN FRANCISCO (Standard&Poor's) Feb. 4, 2008--Standard&Poor's Ratings Services assigned its 'B' corporate credit rating to San Jose, Calif.-headquartered power company Calpine Corp. following the company's emergence from bankruptcy Chapter 11 filing on Jan. 31, 2008. The outlook is stable. Standard&Poor's also assigned its 'B+' rating (one notch higher than the corporate credit rating) and '2' recovery rating to Calpine's $7.3 billion senior secured facility, indicating the expectation of substantial recovery (70%-90%) in event of a payment default. (For the complete recovery analysis, please Standard&Poor's recovery report on Calpine, to be published on RatingsDirect following the release of this report.) This facility consists of a $6.0 billion term loan, a $300 million bridge

Brief Excerpt:

RESEARCH Calpine Rated 'B', $7.3 Billion Facility 'B+' (Recovery Rating: 2) Upon Bankruptcy Emergence Publication date: 04-Feb-2008 Primary Credit Analyst: Swami Venkataraman, CFA, San Francisco (1) 415-371-5071; swami_venkataraman@standardandpoors.com...

Report Type:

Ratings Action

Ticker

CPN

Issuer

Calpine Corp.

GICS

Independent Power Producers & Energy Traders (55105010)

Sector

Asset-Backed Securities , Electric , Global Issuers , Structured Finance , Utilities

Country

United States

Region

United States

Format:

HTML

Calpine Corp. – 2008/05/06 – US$ 500.00

Summary: Calpine Corp. – 2008/05/06 – US$ 225.00

Summary: Calpine Corp. – 2009/01/23 – US$ 225.00

Calpine Corp., Subsidiaries' Ratings Affirmed; Outlook Is Stable – 2009/05/11 – US$ 150.00

Research Update: Calpine Corp. And Subsidiaries' Ratings Affirmed; Outlook Stable – 2009/05/11 – US$ 225.00

Research Update: Calpine Rated 'B', $7.3 Billion Facility 'B+' (Recovery Rating: 2) Upon Bankruptcy Emergence – 2008/02/04 – US$ 225.00

Bulletin: Calpine Corp.'s Bankruptcy Reorganization Plan Has No Immediate Ratings Impact – 2007/06/22 – Free

BULLETIN: Calpine's Asset Impairment Does Not Affect Recovery Ratings – 2006/04/19 – Free

BULLETIN: Calpine's Asset Sale May Improve Debt Recovery; No Effect On Rating – 2006/04/05 – Free

Summary: Calpine Corp. – 2006/03/16 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Calpine Rated 'B', $7.3 Billion Facility 'B+' (Recovery Rating: 2) Upon Bankruptcy Emergence" Feb 04, 2008. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Rated-B-7-3-Billion-Facility-B-Recovery-Rating-2-Upon-Bankruptcy-Emergence-629140>

APA:	S&P Global Ratings’ Credit Research. (). Calpine Rated 'B', $7.3 Billion Facility 'B+' (Recovery Rating: 2) Upon Bankruptcy Emergence Feb 04, 2008. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Rated-B-7-3-Billion-Facility-B-Recovery-Rating-2-Upon-Bankruptcy-Emergence-629140>

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