Abu Dhabi National Energy Company (TAQA PJSC) was given a long-term corporate credit rating upgrade this week from A+ to AA-, according to the company.
S&P said the outlook was ‘stable’ and that the energy company’s short-term corporate credit rating was raised from A+ to AA-
Jonathan Manley, credit analyst at Standard & Poor’s, said: “Although there are no formal guarantees, implicit sovereign support is factored into the ratings on TAQA, reflecting its importance to the Emirate and its status as a government-related entity.”
TAQA – 75 percent owned by the Government of Abu Dhabi, with 25 percent listed on the Abu Dhabi Securities Market – is considered an important national vehicle for global investment and public policy.
“We are pleased that S&P, among other agencies, has recognized and rewarded TAQA’s ongoing commitment to fiscal discipline at a time of tremendous international operational expansion,” said Peter Barker-Homek, Chief Executive Officer of Abu Dhabi National Energy Company PJSC.