Moody's: Calpine notes at B1

Moody's Investors Service said it assigned a B1 rating to Calpine Corp.'s planned issuance of senior secured notes due 2023.

The outlook is stable.

The rating reflects continued improvement in the company's overall financial performance and an expectation for strengthened cash flow and earnings following the July 2010 purchase of Conectiv Energy's generation assets, Moody's said.

The rating also considers actions taken by the company to produce more predictable cash flow and earnings over the intermediate term through new contracted projects being developed and bilateral arrangements in place between the company and various end-users, the agency said.

The proceeds will be used to repay the remaining $1.2 billion of term loan borrowings outstanding under the senior secured credit facility.

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