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Proposed Calpine Power Plant
aka Metcalf Energy Center

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Friday, August 20th, 1999 @ 12:00 PM
Subj: Follow-Up on Duke Energy FUD (re schnelson 8-20-99)
From: [email protected] (Jim Cosgrove)

Another slant on Duke Energy from www.personalwealth.com -- Standard & Poor's (S&P) site.

Duke carries an S&P earnings/dividend rank of A- (Above Average) and an S&P credit rating of A+ (Upper Quality Investment Grade).

Calpine's S&P earnings/dividend rank is N/R (not ranked). This is not bad; it just means there isn't enough historical data for S&P to devise a ranking. Calpine's S&P credit rating is BB- (Speculative Grade). Umm.

None of this necessarily says who will or won't be successful in business. Nonetheless, the comparison is interesting and makes a "Duke may be going out of business" statement puzzling. What does Charlotte know that no one else knows? And when did she know it?

Jim Cosgrove

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