On Feb. 4, 2008, Standard&Poor's Ratings Services assigned its 'B' corporate credit rating to 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. This facility consists of a $6 billion term loan, a $300 million bridge loan, and a $1 billion revolving credit facility. Calpine owns 80 plants with 23,851 MW of generating capacity, making it the third-largest merchant generator in the U.S. by capacity. 7,246 MW of
