NEW YORK (Standard&Poor's) Dec. 2, 2005--Standard&Poor's Ratings Services said today that it lowered its corporate credit rating on merchant generation company Calpine Corp. and its subsidiaries to 'CCC-' from 'CCC'. The outlook remains negative. The San Jose, Calif.-based company has about $18 billion of total debt outstanding. "The downgrade is based on today's unfavorable court decision, which worsens Calpine's already vulnerable financial position," said Standard&Poor's credit analyst Jeffrey Wolinsky. Under the court's order, Calpine may be required to return $313 million to the trustee account by Jan. 20, 2006. Calpine had suggested restoring $199 million, plus accrued interest to the collateral account within 90 days, but the judge chose to ignore this request. Calpine
