NEW YORK (Standard&Poor's CreditWire) Dec. 12, 2000--Standard&Poor's today assigned its double-'B'-plus rating to Calpine Corp.'s $366 million pass-through certificates and affirmed all of Calpine Corp.'s ratings: double-'B'-plus corporate credit rating, double-'B'-plus rating on $2.55 billion of senior unsecured debt, and single-'B'-plus rating on $1.12 billion convertible preferred securities. The outlook is stable. The issuance of the $366 million pass-through certificates is part of Calpine's $467 million leveraged-lease financing to acquire the remaining interests in three recently constructed combined-cycle generating facilities located in Dighton, Mass.; Tiverton, R.I.; and Rumford, Maine from Energy Management Inc. (EMI) for $145 million and the assumption of project-financed debt. The Tiverton and Rumford facilities will be subject to the leveraged-lease transaction. The
