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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Tommaso who wrote (2744)3/23/2004 1:46:41 PM
From: mishedlo  Read Replies (1) of 116555
 
Calpine slides after credit rating (CPN) By Russ Britt
LOS ANGELES (CBS.MW) -- Shares of Calpine Corp. (CPN) were off more than 4 percent Tuesday after the energy firm received a negative credit rating from Standard & Poor's relating to its Cal Gen construction entity. The group received a "B" rating with a negative outlook overall after closing a deal for $2.4 billion in secured notes of various types for construction projects. One type of credit, called "third-priority" notes received a "CCC-" rating with "negligible" outlook for reimbursement in the event of a default. Calpine later said it had secured the credit, and its shares recovered somewhat. Calpine shares were down 22 cents to $4.79 on heavy volume, recovering somewhat after falling 7 percent earlier in the session.
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