NEW YORK (Standard&Poor's) Nov. 29, 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 'B-' and removed the ratings from CreditWatch with negative implications. The outlook is negative. The San Jose, Calif.-based company has about $18 billion of total debt outstanding. "The downgrade is based on Calpine's board of directors' decision to remove the current CEO and CFO, which signals a change in management strategy and may lead to a financial restructuring," said Standard&Poor's credit analyst Jeffrey Wolinsky. Moreover, last week's unfavorable court decision worsens Calpine's already vulnerable financial position. Under the court's order, Calpine may be required to
