MELBOURNE (Standard&Poor's) April 7, 2011--Standard&Poor's Ratings Services today said that it had assigned its 'BB-' long-term issue rating to New Zealand-based Genesis Power Ltd.'s (trading as Genesis Energy; BBB+/Negative/--) proposed capital bond issue. Also, we classified the capital bonds as having a "high" equity content, meaning that we will treat the bonds entirely as "equity" and the coupon payments as "dividends" in our financial ratio calculations. This assessment remains subject to a review of the final terms and conditions, and if there are any material changes that could affect the "high" equity content classification. The bonds are not guaranteed by the New Zealand government (local currency AAA/Stable/A-1+, foreign currency AA+/Negative/A-1+). Proceeds of the issue will partly
