Corporate credit rating: BB+/Stable/-- Today's bankruptcy filing by PG&E Corp. is unlikely to affect Standard&Poor's credit rating on Calpine Corp. Even so, revenue exposure to PG&E Corp. and California is significant. About 1,325 net MW (23%) of Calpine's total 5,849 net MW of generation is exposed to California-based counterparty risk, but only 575 net MW (9.8%) is under contract to PG&E. As of March 31, 2001, unpaid receivables from PG&E totaled about $297 million. Nonetheless, operating projects in other parts of the country, as well as power contracts with, and other sales to, the California Department of Water Resources will mitigate some of the PG&E risk. In addition, about nine new projects will come on line this year
