NEW YORK (Standard&Poor's CreditWire) Dec. 21, 2000--Standard&Poor's today affirmed its double-'B'-plus corporate credit rating for Calpine Corp. and affirmed all the following issue ratings: double-'B'-plus rating on $366 million pass-through certificates; 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 affirmation comes during a period of extremely serious counterparty credit concerns for generators selling into the California power markets. Last week Standard&Poor's placed its 'A-1' short-term issuer credit rating on California Power Exchange Corp. on CreditWatch with negative implications and its rating on the California Independent System Operator Corp. (single-'A'-plus/CreditWatch Negative/ --) on CreditWatch with negative implications (see related stories).
