TAQA Gets S&P Credit Rating Upgrade to AA-

By Middle East and North Africa Business Report, Amman, Jordan

Jul. 9–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.

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