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S&P's view on Genesis's new bonds
Friday 8th of April 2011
The bonds are intended to partly fund the acquisition of the Tekapo A and B hydro assets.
The international ratings agency rates Genesis itself "BBB+" but has it on negative watch.
"We classified the capital bonds as having a "high" equity content, meaning that we will treat the bonds entirely as "equity" and the coupon payments as "dividends" in our financial ratio calculations,...
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