NEW YORK (Standard&Poor's) March 3, 2005--Standard&Poor's Ratings Services said today that it views Calpine Corp.'s (B/Negative/--) subsidiary Steamboat Holdings LLC's $503 million unrated nonrecourse credit facility for the Mankato Energy Center and the Freeport Energy Center as slightly favorable for the company's credit quality because it adds to Calpine's liquidity. However, Calpine's ratings are unaffected. Loans extended to Steamboat under the credit facility will fund the balance of the construction of the two gas-fired power plants. The construction loan will convert to a term loan when the plants begin commercial operations and will mature in December 2011. The facility will initially be priced at LIBOR plus 1.75%. Steamboat must enter into interest rate hedging arrangements for
