ֳ

Entity

Calpine Construction Finance Company, L.P.

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

01Ratings

RatingActionDateType
B+Rating Watch On14-Jan-2025Long Term Issuer Default Rating
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red

Rating History

Date :14-Jan-202503-Dec-202418-Dec-202325-Aug-202331-Aug-202212-Apr-202212-Apr-202113-Apr-202017-Apr-201917-Oct-201818-Oct-201718-Aug-201722-May-201727-Sep-201626-Apr-201624-Apr-201511-Feb-201510-Jun-201407-Apr-201429-May-201330-May-201201-Jun-2011
Rating :B+B+B+B+B+B+B+B+B+B+B+B+B+B+B+B+B+B+B+B+BB
Action :Rating Watch OnAffirmedReview - No ActionAffirmedReview - No ActionAffirmedAffirmedAffirmedReview - No ActionAffirmedReview - No ActionAffirmedAffirmedReview - No ActionAffirmedAffirmedAffirmedAffirmedAffirmedUpgradeAffirmedNew Rating

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

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Issuer: Calpine Construction Finance Company, L.P.
Debt Level: senior secured
Issue: USD 1.88 bln Floating SOFR 2% Term Loan B 31-Jul-2030
14-Jan-2025
BB+
Affirmed
Long Term Rating
RR1 100%

Rating History
Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior secured; Term Loan B
CUSIP: 13134NAH4 (Public)
ISIN: US13134NAH44 (Public)
Maturity Date: 31-Jul-2030
Currency: USD
Amount: 1,881,250,000
Coupon Rate: SOFR + 2%
Placement: Public
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06ֳ Adjusted Financials

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07Disclosures

Original Rating Date
Long Term Issuer Default Rating01-Jun-2011
Endorsement Status
EU Endorsed, UK Endorsed
Country of ֳ Office
CANADA
Solicitation Status
Long Term Issuer Default RatingSolicited - Sell Side
Country of Analyst
CANADA

08Identifiers

Type:CUSIPLEI
Identifier:13134NV0Q3DOB0FIB2XI1KWU77

09Criteria

06Dec
2024
Active Criteria
Sector Navigators – Addendum to the Corporate Rating Criteria
06Dec
2024
Active Criteria
Corporate Rating Criteria
02Aug
2024
Active Criteria
Corporates Recovery Ratings and Instrument Ratings Criteria
21Jun
2024
Expired Criteria
Sector Navigators – Addendum to the Corporate Rating Criteria - Effective from 21 June 2024 to 6 December 2024
03Nov
2023
Expired Criteria
Corporate Rating Criteria - Effective 3 November 2023 to 6 December 2024
More Criteria

10Analysts

Mayur Deval
Primary Rating Analyst

Shalini Mahajan, CFA
Secondary Rating Analyst

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 
Recovery Ratings Key
Outstanding
RR1		Superior
RR2		Good
RR3		Average
RR4		Below-Average
RR5		Poor
RR6

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red