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S&P ups CCFC Finance, BRSP
Standard & Poor's said it raised the rating to BB from BB- on CCFC Finance Corp.'s $1 billion senior secured bank note due 2016 and BRSP LLC's $282 million senior secured term loan due July 2014.
Calpine CCFC Holdings LLC is a joint issuer of CCFC Finance's loan.
The recovery rating on both loans is unchanged at 1, indicating 90% to 100% expected recovery in a default.
The upgrades follow the upgrade of Calpine Corp. to B+ from B, S&P said.
As 100% owned subsidiaries of Calpine, the default risk on both CCFC Finance and BRSP is the same as the corporate credit rating on Calpine, the agency said.
The secured debt at CCFC Finance and BRSP is rated two notches above the corporate credit rating, given the 1 recovery rating on the debt, S&P added.
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