The ratings on Genesis Power Ltd., trading as Genesis Energy (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 investment in additional generation capacity and potentially some further investment in fuel development projects such as Kupe and Cardiff. The ratings factor in an element of support from Genesis' owner, the New Zealand government (local currency, AAA/Stable/A-1+; foreign currency, AA+/Stable/A-1+). Genesis' credit quality is supported by, and has benefited from, a progressive diversification of the company's generation portfolio. The portfolio's capacity is split 70% thermal and 30% hydro composition; this places the company
