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S&P assigns Genesis Energy bonds BB+
S&P said it rated Genesis Energy Ltd.’s NZ$285 million of subordinated capital bonds BB+.
“We have rated the issuance of NZ$285 million two notches below Genesis' stand-alone credit profile (SACP) of bbb (or three notches below the issuer credit rating of BBB+) to reflect the bond's subordination and optional deferability of interest,” the agency said in a press release.
Genesis will use the proceeds to refinance the company's hybrid capital instruments of NZ$225 million, with the remaining amount to be used to refinance the company's renewable assets.
The outlook is stable.
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