NEW YORK (Standard&Poor's CreditWire) Jan. 27, 2000--Standard&Poor's today assigned its single-'B'-plus rating to Calpine Corp.'s planned issuance of up to $360 million in convertible preferred stock and affirmed its single-'B'-plus rating on the outstanding $276 million convertible preferred stock. At the same time Standard&Poor's affirmed its double-'B'-plus issuer credit rating on Calpine Corp. and the double-'B'-plus rating on the company's $1.56 billion senior unsecured debt. The outlook is stable. Calpine's double-'B'-plus' corporate credit rating reflects the following risks: -- A high degree of leverage to total capitalization for a generation company of about 65%, on a pro forma basis, after the planned preferred stock offering; -- Calpine's risk profile, while concentrated in the U.S.
