By Staff writer
'Extremely high likelihood' the Abu Dhabi government would support Taqa if it needed financial assistance, the agency said
Dhabi National Energy Co, the state-backed utility known as Taqa, has received
an ‘A’ credit rating from Standard and Poor’s (S&P’s) based on the firm’s assumed
is an extremely high likelihood" that the Abu Dhabi government would
support Taqa if it needed financial assistance, the agency said in a statement.
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.
on the rating, Doug Fraser, chief financial officer of Taqa, said:
“We are pleased to
announce that we have reactivated our relationship with Standard & Poor’s.
Our strong credit story has been reaffirmed by the A rating awarded today.”
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 also rated A3 by Moody's Investor Service.