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Calpine's And Units' Ratings Placed On Watch Neg After Court's Adverse Ruling

Published Nov 22, 2005

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Abstract:

NEW YORK (Standard&Poor's) Nov. 22, 2005--Standard&Poor's Ratings Services said today that it placed its 'B-' corporate credit rating on merchant generation company Calpine Corp. and its subsidiaries on CreditWatch with negative implications. The San Jose, Calif.-based company, which develops, acquires, owns, and operates power generation facilities, has about $18 billion of total debt outstanding. Standard&Poor's 'BBB-' underlying rating on Gilroy Energy Center LLC's bonds and its 'BBB' rating on Power Contract Financing LLC's bonds were not affected by the rating action on Calpine. The CreditWatch is based on an unfavorable court decision in the company's litigation with the Bank of New York, under which $400 million in cash will remain frozen and Calpine could

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 Corporate Credit Rating Lowered To 'CCC', Off Watch Neg – 2005/11/29 – US$ 150.00

Research Update: Calpine Corporate Credit Rating Cut To 'CCC', Off Watch Neg – 2005/11/29 – US$ 225.00

Calpine Corporate Credit Rating Lowered To 'CCC-' After Bankruptcy Warning – 2005/12/02 – US$ 150.00

Research Update: Calpine Corporate Credit Rating Cut To 'CCC-' After Bankruptcy Warning – 2005/12/02 – US$ 225.00

Calpine Corp.'s Ratings Cut To 'D' After Bankruptcy Filing – 2005/12/21 – US$ 150.00

Research Update: Calpine's And Units' Ratings Placed On Watch Neg After Court's Adverse Ruling – 2005/11/22 – US$ 225.00

Summary: Calpine Corp. – 2005/10/26 – US$ 225.00

Calpine Corp. – 2005/10/17 – US$ 500.00

Summary: Calpine Corp. – 2005/10/17 – US$ 225.00

BULLETIN: Calpine's Energy Trading Venture Favors Credit Quality – 2005/09/08 – Free

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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 And Units' Ratings Placed On Watch Neg After Court's Adverse Ruling" Nov 22, 2005. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Calpine-s-And-Units-Ratings-Placed-On-Watch-Neg-After-Court-s-Adverse-Ruling-476784>

APA:	S&P Global Ratings’ Credit Research. (). Calpine's And Units' Ratings Placed On Watch Neg After Court's Adverse Ruling Nov 22, 2005. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Calpine-s-And-Units-Ratings-Placed-On-Watch-Neg-After-Court-s-Adverse-Ruling-476784>

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