NEW YORK (Standard&Poor's) Oct. 15, 2003--Standard&Poor's Ratings Services said today that Calpine Corp.'s (B/Negative/--) sale of Canadian gas and oil reserves of about 83 billion cubic feet of equivalent natural gas somewhat boosts liquidity. CNG Trust acquired natural gas and crude oil properties from Calpine for a total purchase price of approximately Cdn$286 million, including the Cdn$184.5 million IPO proceeds, Cdn$40 million from bank debt, and Cdn$61.5 million from the sale of the trust units to a Canadian affiliate of Calpine. Calpine will retain a 25% ownership in the trust and an option to purchase up to 100% of the gas from the trust at market prices. Calpine's lending agreements allow the company to use the
