NEW YORK (Standard&Poor's) Nov. 7, 2003--Standard&Poor's Ratings Services said today that it assigned its 'B' rating to Calpine Corp.'s planned $400 million second priority senior secured notes and its 'CCC+' rating to the planned $600 million senior unsecured convertible notes. The outlook is negative. The proceeds will be used to refinance existing debt. Calpine is a San Jose, Calif.-based corporation engaged in the development, acquisition, ownership, and operation of power generation facilities. "The negative outlook reflects Calpine's weak financial ratios, considerable liquidity needs through 2004, and the execution risk of raising needed cash through a combination of asset sales and debt financings," said Standard&Poor's credit analyst Jeffrey Wolinsky. "Should Calpine's financial performance deteriorate further,
