NEW YORK (Standard&Poor's) Jan. 28, 2004--Standard&Poor's Ratings Services said today that Calpine Corp.'s (B/Negative/--) settlement with the Commodity Futures Trading Commission (CFTC) does not materially affect the rating on the company. The settlement is related to the CFTC's finding of inaccurate reporting of certain natural gas trading information by one former Calpine Energy Services LP (CES) employee during 2001 and 2002. Neither Calpine nor CES benefited from the trader's conduct. Under the terms of the agreement, CES agreed to pay a civil monetary penalty in the amount of $1.5 million without admitting or denying the findings in the CFTC's order.
