Standard&Poor's said today that neither the recent fall in Calpine Corp.'s (corporate credit rating double-'B'/Stable/--) share price, which at times has been as low as about $2.75 per share, nor Calpine's announcement last week that it expects a second-quarter profit of 18-19 cents a share will affect its near-term credit profile. Construction projects remain both on schedule and on budget for the year. Calpine is still pursuing several sale-lease back transactions in California that will improve its liquidity. In addition, Calpine's income stability fund offerings in Canada should yield the company about C$400 million-C$500 million this year. Calpine is still pursuing some asset sales but may find prices unattractive under current market trends for power assets. Standard&
