NEW YORK (Standard&Poor's CreditWire) Feb. 13, 2001--Standard&Poor's today affirmed its double-'B'-plus corporate credit rating on 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. In addition, Standard&Poor's assigned its double-'B'-plus rating to Calpine's new $1.15 billion of senior 8.5% notes due 2011. The outlook is stable. The affirmation follows last week's announcement by Calpine that it is purchasing Encal Energy Ltd., a Calgary, Alberta-based oil and gas exploration company. It also follows Calpine's sudden issue of $1.15 billion of senior notes on Feb. 8, 2001, which it is using
