NEW YORK (Standard&Poor's) Oct. 2, 2001--Standard&Poor's today assigned its double-'B'-plus rating to the roughly $2 billion debt issuance by Calpine Corp. and various Calpine affiliates, all of whose debt is unconditionally guaranteed by Calpine Corp. The outlook is stable. Standard&Poor's has also affirmed its double-'B'-plus corporate credit rating on Calpine Corp. and its double-'B'-plus rating on Calpine's existing $5.95 billion in senior unsecured debt. In addition, Standard&Poor's has affirmed its single-'B'-plus rating on Calpine's $1.12 billion of convertible preferred securities. The outlooks remain stable. The double-'B'-plus corporate credit rating reflects the following risks: -- Current market conditions may hurt Calpine's business and place stress on liquidity. Lower power prices, a potential economic
