Revised Global Ratings Criteria – no impact on Mighty River

27 November 2013

Revised Global Ratings Criteria and Methodology – no impact on Mighty River Power

Ratings agency Standard and Poor’s has confirmed that their revised Global Ratings Criteria and Methodology has not impacted Mighty River Power’s credit rating. Mighty River Power’s credit rating remains at BBB+/Stable.

This assessment assumes no material change to Mighty River Power’s business risk profile, including the current regulatory environment in which the Company operates.

Mighty River Power is one of New Zealand’s largest electricity companies – with its core business based on reliable, low fuel-cost electricity generation complemented by sales to homes and businesses.

The Company generates about 17% of New Zealand’s electricity. It operates the nine hydro stations on the Waikato River, five geothermal power stations in the Central North Island and a multi-unit gas-fired station in Auckland. More than 90% of its electricity production is from renewable sources. Mighty River Power sells electricity through multiple channels and retail brands, including Mercury Energy, GLO-BUG, Bosco Connect and Tiny Mighty Power. Mighty River Power’s metering business, Metrix, provides electricity retailers with advanced metering infrastructure solutions for their residential and commercial customers.

Mighty River Power is one of the world’s largest geothermal power station owners, and has a successful track record in geothermal development, investing more than $1.4 billion in geothermal development since FY2006. The Company is applying this capability and experience – gained through domestic geothermal exploration, development, construction and operations – to invest in international growth opportunities

www.mightyriver.co.nz

ENDS

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