Genesis Energy has completed the acquisition of the Tekapo A and B power stations. Through this acquisition, Genesis Energy has expanded its electricity generation portfolio to the South Island, consolidating its business risk profile. Concurrently, Genesis Energy has implemented financial policies that are supportive to the 'BBB+' rating. We have affirmed our 'BBB+' ratings on Genesis Energy and revised the outlook to stable. On June 8, 2011, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term corporate and senior debt ratings on Genesis Power Ltd. (trading as Genesis Energy). At the same time, we have revised the outlook on the long-term corporate rating to stable, from negative. We also affirmed the 'BB-' rating on Genesis Energy's capital bonds, which were
