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Our credit view of Calpine reflects its strong free cash flow and liquidity, large scale and geographic diversity, offset by a significant debt burden.
Improved commodity market conditions in TX and CA support stable outlook
Overall, Calpine Corporation’s (the “Companyâ€) covenant package provides weak level protection (3.82).
Calpine's CFO pre-WC to debt ratio for full year 2018 will drive its credit quality.
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