NEW YORK (Standard&Poor's) Feb. 2, 2005--Standard&Poor's Ratings Services said today that it views Calpine Corp.'s (B/Negative/--) $100 million, unrated nonrecourse credit facility for the Metcalf Energy Center LLC as neutral for the company's credit quality because it neither adds nor detracts from Calpine's liquidity. Loans extended to Metcalf under the credit facility will fund the balance of the construction of the 600 MW natural-gas-fired merchant power plant. The credit facility will mature in July 2008. Pricing is based on LIBOR plus a margin. ING Capital LLC and Bayerische Landesbank provided the credit facility. Metcalf is expected to begin commercial operations in June 2005. Calpine's wholly owned subsidiary Calpine Construction Management Co. Inc. will build the plant,
