NEW YORK (Standard&Poor's) Sept. 8, 2005--Standard&Poor's Ratings Services said today that Calpine Corp.'s (B-/Negative/--) energy trading venture with The Bear Stearns Cos. Inc. (A/Stable/A-1) somewhat favors Calpine's credit quality but does not affect the rating or outlook. The trading venture should boost Calpine's liquidity by freeing up between $200 million-$350 million of collateral that Calpine currently posts to purchase gas for its power plants. About $200 million of collateral could be returned to Calpine by the summer of 2006. Although Calpine has indicated that the trading venture should increase its profitability, Standard&Poor's views trading profits as unsustainable for rating purposes. Calpine will not be able to use the credit enhanced trading venture to enter
