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Calpine falls on S&P move; NUI cuts profit view, more
NEW YORK (CBS.MW) -- Shares of Calpine fell nearly 7 percent Friday after Standard & Poor's Ratings Services lowered its outlook on the power company to negative from stable because of refinancing concerns.

Shares of Calpine (CPN) fell 14 cents to close at $1.99.

S&P's credit analyst Jeffrey Wolinsky blamed the change on the "erosion in the capital and bank markets for refinancing, and Calpine's pending $5.5 billion refinancing requirement over the next two years."

The firm, based in San Jose, Calif., doesn't have sufficient cash flow to retire the debt with internal cash flow, Wolinsky said. Refinanced debt could be at higher interest rates, which could hurt Calpine's credit profile, he said.

On the upside, Calpine has successfully raised $3 billion in new capital so far in 2002, he said.