Moody's rates Calpine notes B1

Moody's Investors Service said it assigned a B1 rating to Calpine Corp.'s planned issuance of new $615 million senior secured notes due 2022.

Concurrent with this rating assignment, the agency affirmed Calpine's B1 corporate family rating and B1 probability of default rating, along with the B1 rating assigned to the company's five series of senior secured notes that mature between 2017 and 2023.

Moody's also affirmed the B1 rating assigned to Calpine's $1.64 billion in secured term loans due 2018 and its $1 billion secured revolver due 2015, the speculative grade liquidity rating of SGL-2 and the Ba3 rating assigned to the secured notes issued by subsidiary, Calpine Construction Finance Co., LLC.

The outlook is stable.

The agency said the corporate family rating incorporates the steady strengthening of key financial metrics since the company's February 2008 emergence from bankruptcy and the likelihood of continued improved financial performance in the future.

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