Diversified generation portfolio. Balanced portfolio of generation and retail load. Highly rated and supportive shareholder. Prospective weakening in the financial profile, as a result of significant planned investment in new generation capacity. Poor thermal efficiency of Huntly power station. Fuel risk. The ratings on Genesis Power Ltd. (Genesis) reflect its diversified generation portfolio and the strong market position of its retail base. These strengths are offset by the prospective weakening of its financial profile, as a result of substantial planned investment in additional generation capacity. The ratings factor in an element of support from Genesis' owner, the New Zealand government. Genesis' credit quality is supported by the diversity of its generation portfolio. The portfolio's 70% thermal and 30% hydro composition
