Abu Dhabi National Energy Company (TAQA PJSC) has been awarded an Aa2 credit rating by Moody’s Investor Services, an upgrade from its former Aa3 rating, and the outlook has been called stable.
Moody’s recently assigned Aa2 long-term sovereign ratings to the Government of Abu Dhabi, and TAQA is 75 percent owned by the Government of Abu Dhabi.
“As a government-related issuer (GRI), TAQA’s ratings are closely aligned to the rating of Abu Dhabi, given the high exceptional support assumption that Moody’s factors into TAQA’s ratings,” said Philip Lotter, Moody’s Dubai-based senior credit officer and lead analyst for TAQA.
Moody’s has also said that it believes that TAQA is turning into a flagship energy investment company for the Government of Abu Dhabi, both in terms of international expansion and as a benchmark issuer on the Middle East capital market.
“TAQA is committed to responsible and sustainable growth in the UAE and in all other markets in which we operate, from North America to the Indian Subcontinent. We take a long-term view toward investment, and we believe our recent Moody’s credit rating upgrade accurately reflects our industry standing,” said Peter Barker-Homek, Chief Executive Officer of Abu Dhabi National Energy Company PJSC.
TAQA carries an AA- credit rating according to S&P and was recently presented Best Borrower of the year 2007 by Euromoney Awards
About Abu Dhabi National Energy Company PJSC (TAQA)
Abu Dhabi National Energy Company (TAQA) www.taqa.ae is a global energy company with investment capabilities in power generation, CHP, desalination, renewables, upstream oil/gas, pipelines, services, structured finance and the creation, syndication and management of assets. TAQA was founded in Abu Dhabi in 2005 and listed on the Abu Dhabi Stock Exchange. At year end 2006 TAQA had in excess of AED 51bn in assets and generated AED 4.8bn revenue. The company currently has in excess of 10,000 MW (gross) of installed generation, upstream oil/gas production, gas processing, pipelines and natural gas storage. TAQA operates from its offices in Abu Dhabi, The Hague, Ann Arbor, Aberdeen and Amsterdam with alliance partners across the Gulf, Middle East, North Africa, Sub-Saharan Africa, Europe, Asia, and the United
