...June 1, 2022 MELBOURNE (S&P Global Ratings) June 2, 2022--S&P Global Ratings today said it has assigned its '##+' long-term issue rating to the subordinated capital bonds of NZ$285 million to be issued by Genesis Energy Ltd. (###+/Stable/A-2). The proceeds of the issuance will be used to refinance the company's existing hybrid capital instruments of NZ$225 million, with the remaining amount to be used to refinance the company's renewable assets. 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 have rated the issuance of NZ$285 million two notches below 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 issuance will comprise about 15% of the group's total capitalization after the proposed issuance. Our assessment...
