NEW YORK (Standard&Poor's CreditWire) June 21, 2000--Standard&Poor's today affirmed its double-'B'-plus corporate credit rating on Calpine Corp. and its double-'B'-plus rating on the company's $1.56 billion of senior unsecured debt. At the same time, Standard&Poor's has affirmed its single-'B'-plus rating on Calpine's $636 million convertible preferred securities. The outlook is stable. The double-'B'-plus corporate credit rating reflects the following risks: -- Calpine's risk profile, while concentrated in the U.S. market, continues to increase as it pursues an extensive U.S. merchant power plant development strategy. Cash flows exposed to market-based, energy prices will likely increase from 60% in 2000 to about 80% by 2004. -- Calpine's base case minimum and average consolidated funds from operations
