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Tue 21 Dec 2010 11:02 AM

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Abu Dhabi’s Taqa wins $3bn revolving credit facility

Part of the loan will be used to refinance an existing $3.15bn facility, utility said

Abu Dhabi’s Taqa wins $3bn revolving credit facility
UAES TAQA: The company plans to spend $1.4bn this year to develop its existing assets (Getty Images - for illustrative purposes only)

Abu
Dhabi National Energy Co, the state-backed utility known as Taqa, has secured a
$3bn revolving credit facility, it said on Tuesday in a statement to the Abu
Dhabi bourse.

Part
of the loan will be used to refinance an existing $3.15bn facility, it said.

The
utility last week secured an ‘A’ credit rating from Standard and Poor’s, based
on an assumption of sovereign support.

"There is an extremely high likelihood" that the Abu Dhabi government
would support Taqa if it needed financial assistance, the agency said in a
statement.

Taqa,
which is 51 percent owned by the Abu Dhabi Water and Electricity Authority,
ended its relationship with S&P’s in 2009 after its long-term rating was
put on a negative watch.

The
company plans to spend $1.4bn this year to develop its existing assets, which
include stakes in oil and gas and power generation assets in the Middle East,
North America, India and the North Sea.

Taqa
is rated A3 by Moody's Investor Service.

 

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