The integrated electricity generator and retailer's market-leading position in the retail sector Prudent management of financing, trading, and operational risks Highly rated and supportive owner-–the government of New Zealand Weakest business risk profile among New Zealand generator-retailers Expected gradual displacement of its key generation asset in the New Zealand generation merit order Exposure to volatile oil and gas sector through the Kupe joint-venture The rating on Genesis Power Ltd. (trading as Genesis Energy) reflects our opinion of the company's position as a major integrated electricity generator and retailer in New Zealand. Genesis Energy's reasonably diversified generation portfolio and its 100% ownership by the government of New Zealand (local currency AA+/Stable/A-1+, foreign currency AA/Stable/A-1+) also support the rating. The company's weakening
