Standard&Poor's Ratings Services assesses Genesis Power Ltd.'s (trading as Genesis Energy) stand-alone credit profile (SACP) as 'bbb'. Our 'BBB+' corporate credit rating on the company is based on our criteria for government-related entities, and our view of a "moderate" likelihood of extraordinary government support weighing the following assessments: Genesis Energy's "important" role for the New Zealand economy. The company provides essential services and has significant capacity and share in a market where the nation's power generation capacity is concentrated under state-owned enterprises. Its "limited" link with the government. Despite strong oversight by the New Zealand government, Genesis Energy operates with an independent and autonomous board that defines its business and financial strategy. Hence, we believe any potential shareholder
