NEW YORK (Standard&Poor's CreditWire) June 26, 2000--Standard&Poor's today placed Calpine Corp.'s ratings on CreditWatch with developing implications. CreditWatch with developing implications means that ratings may be raised or lowered, depending on a further analysis of the company's plans to finance the Skygen Energy and Panda Energy acquisitions announced today. At the same time, Standard&Poor's plans to review the credit quality of the acquired assets to determine whether the cash flow quality of Calpine's portfolio is improved or worsened by the acquisition of Skygen and Panda's assets. Today Calpine announced its plans to acquire Skygen Energy for $450 million plus other undisclosed liabilities from Michael Polsky and Wisvest Corp. Under the terms of the agreement,
