MELBOURNE (Standard&Poor's) Nov. 26, 2008--Standard&Poor's Ratings Services said today that it had assigned its 'BBB+' long-term rating to New Zealand electricity generator and retailer Genesis Power Ltd.'s (Genesis Energy; BBB+/Stable/--) proposed unsecured unsubordinated fixed-rate NZ$150 million retail bonds issue. The issue has an option to accept oversubscriptions of NZ$75 million. Proceeds from the issue will be used for general corporate purposes and will help partially pay an existing bank debt maturity of NZ$275 million due in October 2009. The bonds, which are expected to have a five-year and seven-year tranche, will rank pari passu with Genesis Energy's existing senior unsecured debt. The rating on Genesis Energy reflects a modest element of support from Genesis Energy's owner
