Calpine Corp.'s 'B' corporate credit rating was assigned at the time of the company's emergence from bankruptcy protection on Jan. 31, 2008. The $6 billion first-lien term loan B and $1 billion first-lien revolving credit facility are rated 'B+' with a '2' recovery rating, indicating Standard&Poor's Ratings Services' expectations of substantial recovery of principal (70-90%) in the event of a payment default. On emergence from bankruptcy, Calpine owned 77 plants with 23,809 MW of generating capacity, making it the third-largest merchant generator in the U.S. by capacity. Calpine owns 7,246 MW in the West, 7,487 MW in Texas, 6,254 MW in the Southeast, and 2,822 MW in the Northeast and the Midwest. Consolidated debt on the balance sheet
