We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 19 Dec 2010 05:31 PM

Font Size

- Aa +

State support wins Taqa 'A' rating from S&P's

'Extremely high likelihood' the Abu Dhabi government would support Taqa if it needed financial assistance, the agency said

State support wins Taqa 'A' rating from S&P's
Taqa ended its relationship with S&P’s in 2009 after its long-term rating was put on a negative watch

Abu
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
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.

Commenting
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.”

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 also rated A3 by Moody's Investor Service.

 

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.