NEW YORK (Standard&Poor's CreditWire) July 28, 2000--Standard&Poor's today removed all of Calpine Corp.'s ratings from CreditWatch with developing implications, where they were placed on June 26, 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. Standard&Poor's also affirmed its single-'B'-plus rating on Calpine's $636 million convertible preferred securities. In addition, Standard&Poor's today assigned its double-'B'-plus rating to Calpine's new $800 million senior unsecured notes and its single-'B'-plus rating on Calpine's new $450 million in convertible preferred securities. The outlooks are stable. The ratings were placed on CreditWatch pending analysis of the potential credit implications
