NY -- Standard&Poor's CreditWire 6/27/97 -- Standard&Poor's today has assigned its double-`B'-minus rating to Calpine Corp.'s $200 million senior unsecured notes and has raised its corporate credit rating and senior unsecured debt on Calpine to double-`B'-minus from single-`B'-plus. The upgrade reflects Calpine's continuously improving project portfolio -- which has grown from eight projects to over 20 projects in the last three years -- and its improved financial flexibility as a result of increased cash balances. San Jose, Calif.-based Calpine, founded in 1984, is engaged in the development, acquisition, ownership, operation, and maintenance of independent power projects. Calpine has interests in 21 power projects and geothermal steam fields; its aggregate capacity is 2,504 mw gross, or 1,822
