Standard&Poor's has assigned its 'BB+' rating to the roughly $2 billion debt issuance by Calpine Corp. and various Calpine affiliates, all of whose debt is unconditionally guaranteed by Calpine Corp. Standard&Poor's has also affirmed its 'BB+' corporate credit rating on Calpine Corp. and on Calpine's existing $5.95 billion in senior unsecured debt. In addition, Standard&Poor's has affirmed its 'B+' rating on Calpine's $1.12 billion of convertible preferred securities. The 'BB+' corporate credit rating reflects the following risks: Current market conditions may hurt Calpine's business and place stress on liquidity. Lower power prices, a potential economic recession that could reduce demand growth, and the difficulty in issuing equity in the current market may collectively challenge
