NEW YORK (Standard&Poor's) April 19, 2006--Standard&Poor's Ratings Services said today that Calpine Corp.'s (D/--/--) announced asset impairment does not affect the recovery ratings on its outstanding debt issues. In assigning the recovery ratings, Standard&Poor's concluded that the value of Calpine's assets were significantly below their book value. Calpine expects to record a $2.1 billion impairment for equipment, development project, and other impairments and $2.4 billion for operating plant impairments. Calpine also plans to record a $1.6 billion impairment for deferred tax assets due to its inability to use net operating loss carryforwards while in bankruptcy.
