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Global Credit Research - 19 Oct 2010
Approximately $282 million debt affected
New York, October 19, 2010 -- Moody's Investors Service has placed the B2 senior secured rating
of BRSP, LLC under review for possible upgrade. The review
reflects the pending sale of BRSP from CIT Group, Inc. to
Calpine Corporation (Calpine, B1 CFR/stable outlook). The
acquisition of BRSP by Calpine will remove any lingering exposure the
transaction has to CIT's credit quality.
Calpine will also indirectly acquire CIT's interests in the Owner
Lessors in the underlying projects that are the issuers of the lessor
notes that secure BRSP's debt. Calpine already leases the
projects from the Owner Lessors. The leases and the lessor notes
will remain in place following the acquisition. As a result,
Calpine will be both the owner of BRSP and the underlying projects and
the source of all the cash flows for BRSP's debt, making it
comparable to the senior secured debt of Calpine, albeit with distinct
collateral that includes a pledge of Calpine's interests in the
toll agreements at the Broad River facility with Progress Energy Carolinas
(A3 senior unsecured/stable outlook).
In addition, the transaction benefits from a six-month debt
service reserve fund that will be fulfilled with a letter of credit from
Calpine's corporate facility. Depending upon Moody's
assessment of the quality of BRSP's collateral as well as Calpine's
obligation to make lease payments to the Owner Lessors, BRSP's
rating could be upgraded up to two notches when the acquisition closes
and the review is concluded.
BRSP's rating was assigned by evaluating factors believed to be relevant
to the credit profile of the issuer. These attributes were compared
against other issuers both within and outside of BRSP's core peer group
and BRSP's rating is believed to be comparable to ratings assigned to
other issuers of similar credit risk.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
BRSP is a single purpose entity that was created solely to finance the
acquisition of certain lessor notes that secure its debt. Currently
indirectly owned by CIT Group, it is being indirectly acquired by
Senior Vice President
Corporate Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's places BRSP's B2 rating under review for upgrade
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New York, NY 10007
No Related Data.
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