Proven power plant operator, Fleet of new gas-fired power plants, and Some long-term contract based revenue. Insufficient internal cash flow to pay interest, Need to sell assets and monetize contracts to pay interest, and Large debt maturities in 2007 and 2008. The ratings on power generation company Calpine Corp. and its subsidiaries reflect the San Jose, Calif.-based company's reliance on asset sales and contract monetizations to meet its interest payments and other fixed obligations in 2005 and 2006. In addition, the rating reflects uncertain prospects for improvements in power markets, making it unlikely that Calpine will be able to meet these obligations with internal cash flow generation. Although Calpine alleviated many of its liquidity issues regarding its 2003-2005 debt maturities
