MELBOURNE (Standard&Poor's) Sept. 15, 2006--Standard&Poor's Ratings Services today said it has assigned its 'BBB+' long-term debt rating to Genesis Power Ltd.'s (trading as Genesis Energy, or "Genesis") proposed NZ$75 million medium-term notes. The proceeds of the notes will be used for refinancing and general corporate purposes. The notes are senior-unsecured debt and rank pari passu with existing senior debt. The ratings on the notes are subject to receipt and satisfactory review of all relevant transaction documentation. The ratings on Genesis reflect the company's reasonably diversified generation portfolio and the strong market position of its retail base. These strengths are offset by the recent and forecast weakening of its financial profile as a result of substantial planned
