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Moody's upgrades Taqa rating to Aa2

ABU DHABI — Abu Dhabi National Energy Company (Taqa) has been awarded an Aa2 credit rating by Moody's Investor Services, an upgrade from its former Aa3 rating. 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 per cent 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 towards 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.