NEW YORK (Standard&Poor's) March 17, 2005--Standard&Poor's Ratings Services said today that Calpine Corp.'s (B/Negative/--) announcement that it will restate its financials for third-quarter 2004 and delay its 2004 reports pending finalization of the restatement process is a credit concern, but does not immediately affect the company's ratings. While the restatement could ultimately be determined to be significant, based on currently disclosed information, it is unlikely to affect Calpine's ratings -- assuming that further delays do not trigger noncompliance with covenants. Standard&Poor's will continue to review these matters as further information is disclosed to assess the potential effect on credit quality, if any. In addition to the restatement, Calpine disclosed that it did not maintain
