San José-based Calpine Corp has been cited by Standard & Poor’s(S&P) as a company with one of the biggest corporate debt refinancing needs,with over $3.4 billion maturing by the end of 2004, according to the rating agency.

S&P has said companies such as Calpine may face major hurdles in refinancingtheir debt. Significantly, S&P says the power market bust – which hasdepressed prices and brought cash flow crises to the sector – is unlikelyto improve in the near term, and prices may not be at a