Calpine Corp.'s 'BB+' rating and stable outlook are unaffected by the recent requests from the Securities and Exchange Commission (SEC) for Calpine to provide additional financial disclosure. Calpine does not believe that the additional disclosure requested by the SEC regarding the California DWR contracts and FAS 133 issues will affect the company's financial results. The company also states that it did not selectively disclose earnings to analysts. Additionally, while the recent decline in the company's stock price has a detrimental effect on its financial flexibility, it will not change Calpine's rating. The company's decision last month to put 34 advanced-stage projects on hold and cut its 2002 capital spending plan by as much as $2 billion precludes the need to
