The 'BBB+' long-term rating on Genesis Power Ltd. (trading as Genesis Energy), a New Zealand-based integrated electricity generator-retailer, reflects our opinion that the company's 100% shareholder, the New Zealand government (local currency AAA/Stable/A-1+, foreign currency AA+/Stable/A-1+), would likely provide timely and sufficient extraordinary support to Genesis Energy in the event of financial distress to meet the company's financial obligations. In our view, Genesis Energy's stand-alone credit profile is rated 'BBB', reflecting the company's position as one of the dominant generator-retailers in the market, its significant generation capacity, and its intermediate financial profile. Offsetting these strengths is our expectation that the company's competitive position will weaken following the scheduled implementation of a carbon tax from July 2010, as well as Genesis
