...June 29, 2023 MELBOURNE (S&P Global Ratings) June 29, 2023--S&P Global Ratings today assigned its '##+' long-term issue rating to the NZ$240 million subordinated capital bonds that Genesis Energy Ltd. has issued. Genesis (###+/Stable/A-2) will use issuance proceeds to refinance its existing hybrid capital instruments of NZ$240 million. The following are the key points of our assessment of the proposed issuance: - We assess the subordinated capital bonds as having intermediate equity content. - We rate the issuance two notches below our assessment of Genesis' stand-alone credit profile (SACP) of '###' (or three notches below the issuer credit rating of '###+') to reflect the bond's subordination and optional deferability of interest. - We expect Genesis' total hybrid issuances to comprise about 12.5% of the group's total capitalization after the proposed issuance. Our assessment of intermediate equity content is based on our view that the capital bonds meet our criteria in terms of subordination,...
