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Moody's may lift BRSP
Moody's Investors Service said it placed BRSP, LLC's B2 senior secured rating under review for possible upgrade.
The review reflects the pending sale of BRSP from CIT Group, Inc. to Calpine Corp. The acquisition of BRSP by Calpine will remove any lingering exposure the transaction has to CIT's credit quality, the agency said.
In addition to owning BRSP, Calpine will own the underlying projects that are the issuers of the notes that secure BRSP's debt and the source of all the cash flows for BRSP's debt.
The rating could be upgraded up to two notches when the acquisition closes and the review is concluded.
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