NEW YORK (Standard&Poor's) March 12, 2002--Standard&Poor's today placed its double-'B'-plus corporate credit rating on Calpine Corp., its double-'B'-plus rating on Calpine's existing senior unsecured debt, and its single-'B'-plus rating on Calpine's convertible preferred stock on CreditWatch with negative implications. The actions follow Calpine's decision to secure approximately $2 billion ahead of Calpine's unsecured bondholders. Calpine plans to pledge all of its 1.7 trillion cubic feet of U.S. and Canadian gas assets, as well as its Saltend power plant and its equity investment in nine U.S. power plants to three credit facilities. Calpine expects to secure a $1 billion revolver; a $600 million, two-year term loan; and the existing $400 million corporate revolver that expires in May
