Standard & Poor's Ratings Services says electricity sector reforms would have no immediate effect on the credit of the four generators-retailers it rates.

The proposed changes are likely to have either favourable or manageable implications for the operating profiles of the three SOEs which are rated BBB+ and Contact Energy, BBB, it says.

S&P credit analyst Parvathy Iyer said: "In our opinion, the announced changes, if implemented, are not only significant for the sector's operating and competitive landscape, but also financially in the case of Genesis and Meridian."