Standard&Poor's today assigned its 'B+' rating to Calpine Corp.'s (Calpine; B/Stable/--) proposed $1 billion senior secured notes due 2021. The proceeds will be used to refinance a part of Calpine's bankruptcy emergence term loan and stagger the 2014 bullet maturity. Standard&Poor's today assigned its 'B+' rating to Calpine Corp.'s (Calpine; B/Stable/--) proposed $1 billion senior secured notes due 2021. The bonds were assigned a recovery rating of '2', indicating our expectation for substantial (70%-90%) recovery of principal in the event of a payment default. At this recovery level, issue ratings are one notch above an issuer's corporate credit rating. The size of the issue maybe increased in response to market demand. The proceeds will be used
