On Dec. 2, 2005, Standard&Poor's Ratings Services 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, which develops, acquires, owns, and operates power generation facilities, has about $18 billion of total debt outstanding. Standard&Poor's 'BBB-' underlying rating on Gilroy Energy Center LLC's bonds and its 'BBB' rating on Power Contract Financing LLC's bonds were not affected by the rating action on Calpine. The ratings downgrade is based on today's unfavorable court decision, which worsens Calpine's already vulnerable financial position. Under the court's order, Calpine may be required to return $313 million to the trustee account by Jan. 20,
