(Editor's Note: The previous version of this release stated that the new rating assigned was 'B+'; the correct rating is 'BB+'. A revised version follows.) NEW YORK (Standard&Poor's) Dec. 19, 2001--Standard&Poor's today assigned its double-'B'-plus rating to the planned issuance of Calpine Corp.'s $400 million-$500 million of convertible debentures, due 2006. Standard&Poor's has also affirmed its double-'B'-plus corporate credit rating on Calpine and its double-'B'-plus rating on the company's existing senior unsecured debt. In addition, Standard&Poor's has affirmed its single-'B'-plus rating on $1.1 billion of Calpine's outstanding convertible preferred stock. The outlook remains stable. The double-'B'-plus corporate credit rating reflects the following risks: -- Current market conditions may hurt Calpine's business and
