NEW YORK (Standard&Poor's) Nov. 11, 2003--Standard&Poor's Ratings Services said today that Calpine Corp.'s (B/Negative/--) completion of a $140 million, 15-year term loan for its 300 MW Blue Spruce Energy Center located in Aurora, Colo. does not materially affect the company's credit quality. The new financing replaces an existing construction loan, which the company entered into in August 2002. Therefore, the financing alleviates some refinancing pressure on Calpine, but does not increase the subordination of bondholders to project level debt. Calpine sells the full output of the plant to Public Service Co. of Colorado under a 10-year tolling agreement. The Blue Spruce Energy Center began operations in April 2003.
