The unchanged rating was because Genesis intended to soon issue up to $225million of capital bonds to finance the acquisition.
Should those bonds have terms and conditions similar to the company's existing capital bonds, S&P's treatment for those bonds would be similar to its approach for the existing capital bonds, the rating agency said in a statement.
``While there is no immediate impact on the ratings, the final amount of capital bonds Genesis Energy raises will determine the future trend in the financial metrics and rating headroom.
``Our base case assumes Genesis Energy will raise the full amount under the offering.''
Given the Nova purchase followed the company's acquisition of an additional share in the Kupe oilfield joint venture earlier this year, Genesis Energy's credit metrics would remain outside the rating tolerance this year, S&P said.
In that context, the final amount of capital bonds raised would be a key determinant to providing the buffer beyond the year ending June 30, 2017.
Genesis continued to target a debt-to-operating-profit ratio in the range of 2.5 times to 2.8 times.
Equally important over the next 12 months would be Genesis' ability to integrate the newly acquired businesses within its represented costs and achieve the cash flow contributions it expected.
If the company faltered in raising its target of $225million of capital bonds, that could lead to rating pressure.
If the pressure on the stated ratio was to continue, S&P expected some form of capital structure management, including potential dividend restraint, given the company's desire to operate with the targeted range.
S&P regarded the acquisition as credit neutral to slightly positive, should the company achieve its synergies and manage its integration well.
The lpg distribution businesses would consolidate Genesis' position.
