Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Calpine Corp.

Summary: Calpine Corp.

Published May 13, 2014

2264 words — Published May 13, 2014

Price US$ 225.00 | Buy this Report Now

About This Report

Abstract:

High exposure to volatile pricing and dispatch in merchant power markets. Some geographic and technology diversity. Competitive natural gas-fired power plant assets. Some exposure to carbon emissions regulation in California markets. A highly leveraged financial risk profile in all key financial measures that we focus on. "Adequate" liquidity. The stable outlook reflects our view that Calpine's business risk profile is not likely to change and that financial performance will likely stay within the middle of the highly leveraged range over the next two years based on our expectations that power prices will remain stable to slightly positive in some markets. The company's sale of six plants in the U.S. Southeast does not affect our outlook. We do not expect any

Brief Excerpt:

RESEARCH Summary: Calpine Corp. Publication date: 13-May-2014 Primary Credit Analyst: Terry A Pratt, New York (1) 212-438-2080; terry.pratt@standardandpoors.com Secondary Contact: Aneesh Prabhu, CFA, FRM, New York (1) 212-438-1285;...

Report Type:

Summary

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. – 2014/06/23 – US$ 500.00

Summary: Calpine Corp. – 2014/06/23 – US$ 225.00

Calpine Corp.'s Proposed Senior Unsecured Debt Rated 'B'; Senior Secured Debt Raised To 'BB'; Outlook Stable – 2014/07/08 – US$ 150.00

Research Update: Calpine Corp.'s Proposed Senior Unsecured Debt Rated 'B'; Senior Secured Debt Raised To 'BB'; Outlook Stable – 2014/07/08 – US$ 225.00

Bulletin: Calpine Corp. Ratings Unaffected By Proposed $500 Million Senior Unsecured Debt Offering – 2015/01/29 – Free

Bulletin: Calpine Corp. New Share Buyback Plan Has No Impact On Rating – 2013/11/07 – Free

Summary: Calpine Corp. – 2013/10/01 – US$ 225.00

Calpine Construction's Planned $1.055 Billion Term Loan Is Rated 'BB' (Recovery Rating: '1') – 2013/04/26 – US$ 150.00

Research Update: Calpine Construction Finance's Planned $1.055 Billion Term Loan Rated 'BB' (Recovery Rating: '1') – 2013/04/26 – US$ 225.00

Calpine Corp. – 2012/11/27 – US$ 500.00

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.

About the Author

Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Summary: Calpine Corp." May 13, 2014. Alacra Store. May 25, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Calpine-Corp-1316777>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Calpine Corp. May 13, 2014. New York, NY: Alacra Store. Retrieved May 25, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Calpine-Corp-1316777>

US$ 225.00

$ £ €

Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

Example Report

Click to View Sample Report

More Research

Search all our Residential Mortgage-Backed Securities from one place.