Highly rated and supportive owner—the New Zealand government Diversified generation portfolio integrated with a solid retail market position Prudent liability and liquidity management Weakening credit-protection metrics, driven by high capital expenditure Uncertain implications of carbon emissions trading scheme Long-term fuel-supply risks The rating on New Zealand electricity generator and retailer Genesis Power Ltd., trading as Genesis Energy (Genesis), reflects a modest element of support from the company's owner—the New Zealand government (local currency, AAA/Stable/A-1+; foreign currency, AA+/Stable/A-1+), the company's reasonably diversified generation portfolio and solid retail market position, and its prudent liability management. These strengths are somewhat offset by the weakening of Genesis' credit-protection metrics, largely a result of the company's substantial investments to secure long-term fuel supplies, and also
