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Calpine's $1 Bil Senior Secured Revolving Credit Facility Assigned A 'B+' Rating

Published Dec 10, 2010

1211 words — Published Dec 10, 2010

Price US$ 150.00 | Buy this Report Now

About This Report

Abstract:

SAN FRANCISCO (Standard&Poor's) Dec. 10, 2010--Standard&Poor's today assigned its 'B+' rating to Calpine Corp.'s $1 billion senior secured revolving credit facility. The company is in the process of renewing the facility with a new maturity of Dec. 31, 2015. There are no material changes to covenants from a credit perspective. The facility's recovery rating of '2' is also affirmed, indicating our expectation for substantial (70% to 90%) recovery of principal in the event of a payment default. At this level, issue ratings are one notch above Calpine's 'B' corporate credit rating. The outlook on the rating is stable. "The company is in the process of putting in place a revolving credit facility under a separate set

Brief Excerpt:

RESEARCH Calpine's $1 Bil Senior Secured Revolving Credit Facility Assigned A 'B+' Rating Publication date: 10-Dec-2010 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

Global Issuers , Structured Finance

Country

United States

Region

United States

Format:

HTML

Calpine Corp.'s Proposed $1.2 Billion Notes Rated At 'B+' – 2011/01/10 – US$ 150.00

Calpine Corp.'s Proposed $1.3 Billion Senior Secured Term Loan Facility Assigned 'B+' Rating (Recovery Rating: '2') – 2011/03/01 – US$ 150.00

Calpine Corp.'s $360 Million Senior Secured Loan Facility Assigned 'B+' Rating – 2011/06/07 – US$ 150.00

Research Update: Calpine Corp.'s $360 Million Senior Secured Facility Assigned 'B+' Rating – 2011/06/07 – US$ 225.00

Bulletin: Calpine Corp.'s Share Repurchase Program Does Not Affect Credit Ratings – 2011/08/24 – Free

Research Update: Calpine Corp.'s Revolving Fund Rating Assigned A 'B+' Rating – 2010/12/10 – US$ 225.00

Calpine Corp.'s $1 Billion In Senior Secured Notes Rated 'B+' On Cash Flow – 2010/10/18 – US$ 150.00

Research Update: Calpine Corp.'s Proposed $1 Billion In Senior Secured Notes Rated 'B+' – 2010/10/18 – US$ 225.00

Calpine Corp. – 2010/07/27 – US$ 500.00

Summary: Calpine Corp. – 2010/07/27 – US$ 225.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Calpine's $1 Bil Senior Secured Revolving Credit Facility Assigned A 'B+' Rating" Dec 10, 2010. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Calpine-s-1-Bil-Senior-Secured-Revolving-Credit-Facility-Assigned-A-B-Rating-837139>

APA:	S&P Global Ratings’ Credit Research. (). Calpine's $1 Bil Senior Secured Revolving Credit Facility Assigned A 'B+' Rating Dec 10, 2010. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Calpine-s-1-Bil-Senior-Secured-Revolving-Credit-Facility-Assigned-A-B-Rating-837139>

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