NEW YORK (Standard&Poor's) Feb. 23, 2004--Standard&Poor's Ratings Services said today that Calpine Corp.'s (B/Negative/--) completion of a $250 million construction and term loan financing for its 600-MW Rocky Mountain Energy Center located in Weld county, Colo. does not materially affect the company's credit quality. The new financing alleviates some refinancing pressure on Calpine, but is reflected in Calpine's current rating. Calpine expects to complete construction of the Rocky Mountain Energy Center in June 2004. Upon completion, Calpine will sell the full electrical output of the plant to Public Service Co. of Colorado under a 10-year tolling agreement.
