SAN FRANCISCO (Standard&Poor's) Aug. 24, 2011--Standard&Poor's said today that Calpine Corp.'s (B/Stable/--) proposed $300 million share repurchase program, announced Aug. 23, 2011, does not affect the company's corporate credit rating. Because the company is not debt financing the buyback, there will be no impact on Calpine's cash flow-based financial ratios. The company's $1.14 billion cash balance as of June 30, 2011 and its $1 billion corporate revolving credit facility are sufficient to meet its liquidity requirements, and Calpine has no large near-term cash needs for debt maturities or capital expenditures. Calpine's liquidity, after reducing cash by $300 million, is also comfortable under our liquidity survey, which measures the adequacy of liquidity to simultaneously meet a credit
