The Calpine Corp.'s (Calpine) corporate credit rating was raised to 'B+' from 'B' on Sept. 30, 2011. Secured debt at Calpine Corp., including the term loan, senior secured notes, and the secured revolving credit facility, is rated 'BB-' with a '2' recovery rating, indicating expectations for substantial recovery of principal (70% to 90%) in the event of a payment default. The outlook on all ratings is stable. The raised rating reflects several factors that benefit both the business and financial profiles of the company. These include the acquisition of the Connectiv assets in June 2010, which added capacity revenues to Calpine's energy-dominated mix; ongoing merchant market trends, from which Calpine's all-gas fleet is ideally poised to benefit, such as low
