Standard&Poor's Ratings Services assigned its 'B' rating to Calpine Corp.'s (Calpine) $3.3 billion second priority senior debt. The $3.3 billion includes: a $750 million term loan due 2007, $500 million floating rates notes due 2007, $1.15 billion 8.5% secured notes due 2010, and $900 million secured notes due 2013. The notes carry the same rating as other Calpine senior secured debt and are rated two notches higher than the 'CCC+' rated senior unsecured debt. At the same time, Standard&Poor's affirmed its 'B' corporate credit rating on Calpine, its 'B' rating on Calpine's secured debt, its 'CCC+' rating on Calpine's senior unsecured bonds, and its 'CCC' rating on Calpine's preferred stock. The 'BB-' rating on the existing
