NEW YORK (Standard&Poor's) June 14, 2005--Standard&Poor's Ratings Services said today that Calpine Corp.'s (B-/Negative/--) planned sale of four power plants (850 MW) for $357 million is favorable for the company's credit quality. However, the sale does not affect the rating or outlook on the company. Calpine has entered into four separate, nonbinding agreements for the sale of the power plants. Three of the four asset sale agreements are with Tenaska Power Fund L.P. The fourth agreement is with Diamond Generating Corp. Completion of the asset sales is dependent on the execution of definitive purchase and sale agreements for each plant and other terms and conditions, including regulatory approvals. Net proceeds from any power plant sale would
