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S&P assigns AA- rating to Taqa's 2 issuances
DUBAI - Global credit ratings provider Standard & Poor's has assigned the AA- long-term debt rating to two senior unsecured issuances with a combined value of Dh5.51 billion ($1.5 billion) under the Abu Dhabi National Energy Company, showing the latter's importance as a key entity in the economy of Abu Dhabi.
The note issues comprise a five-year $1-billion issue maturing August 1, 2013 and a 10-year $500-million issue maturing August 1, 2018, said Standard & Poor's in a statement yesterday stressing that the issuances conform to the terms governing all senior unsecured notes.
It said the state-controlled investment company, also known as Taqa, is an important vehicle for the capital's global investment, and has major shareholdings in critical power and water desalination assets. The ratings therefore reflect the ongoing sovereign support for Taqa, as expected by Standard & Poor's, although there are no formal guarantees.
"We apply a one-notch differential between the rating of the Emirate and Taqa to reflect this support," it stressed in a note from London.
It said that proceeds from the note issuances would be used to pay some of the drawings under Taqa's short-term facilities as well as to fund its corporate activities, including acquisitions planned over the next few years.
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