On Oct. 7, 2020, S&P Global Ratings assigned its 'A-2' short-term issuer credit rating to New Zealand-based integrated generator-retailer company Genesis Energy Ltd. At the same time, we affirmed the long-term issuer credit rating at 'BBB+'. The short-term issuer credit rating reflects our 'BBB+' long-term issuer credit rating, with a stable outlook, on the company. We also assigned our 'A-2' short-term rating to Genesis Energy's proposed commercial paper (CP) program of up to NZ$300 million. The stable outlook on Genesis Energy reflects our expectations that the company will continue to generate sizable positive free cash flow and maintain a ratio of debt to EBITDA of less than 3.0x on a normalized basis over the next few years. We assigned the
