(Editor's note: correcting the rating on Calpine's $230 mil. of convertible preferred in first paragraph.) NEW YORK (Standard&Poor's CreditWire) Oct. 18, 1999--Standard&Poor's today upgraded its issuer credit rating on Calpine Corp. to double-'B'-plus from double-'B'. At the same time Standard&Poor's raised its rating on the company's $1.56 billion senior unsecured debt to double-'B'-plus from double-'B' and assigned its single-'B'-plus rating to Calpine's $230 million of convertible preferred stock. The outlook is stable. The upgrade is primarily the result of a decrease in leverage to total capitalization at the company, where consolidated leverage is reduced to 63% of total capital in 1999 on a pro forma basis. Calpine will change its capital structure through the
