Calpine Announces Credit Rating Upgrade.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--March 9, 1999--Calpine Corporation (NYSE NYSE See: New York Stock Exchange :CPN CPN Communist Party of Nepal CPN Commercial Property News CPN Civic Practices Network CPN Calling Party Number CPN Community Psychiatric Nurse (UK) CPN Cisco Powered Network CPN Connaitre et Proteger la Nature ), one of the nation's fastest-growing independent power companies, today announced that it received a credit rating upgrade from Standard & Poor's. Standard & Poor's has upgraded Calpine's corporate credit and senior unsecured notes rating to BB from BB-, reflecting the company's strong operating portfolio of efficient and low-cost power generation facilities and sufficient cash flows for the next five years. "Calpine's projects all have excellent operating histories, with an average availability of 96% for its gas-fired projects, and 99% for its geothermal ge·o·ther·mal also ge·o·ther·mic adj. Of or relating to the internal heat of the earth. ge plants," said Jeffrey Wolinsky, Associate Director for Standard & Poor's. Standard & Poor's said the outlook for Calpine is stable, reflecting the continued efficient operation of Calpine's existing plants, and the strong financial performance of the company's merchant facilities. Calpine is a leading power company dedicated to providing customers with low-cost electricity and thermal energy thermal energy Internal energy of a system in thermodynamic equilibrium (see thermodynamics) by virtue of its temperature. A hot body has more thermal energy than a similar cold body, but a large tub of cold water may have more thermal energy than a cup of boiling . The company has interest in power plants and steam fields in 11 states, representing over 6,400 megawatts of capacity, including projects in operation, under construction, or in announced development, and pending acquisitions. Founded in 1984, Calpine is publicly traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CPN. For more information on Calpine, visit its website at www.calpine.com. |
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