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.
Browse
related articles
TAQA gets S&P credit rating upgrade to AA-
- United Arab Emirates: Monday, July 09 - 2007 at 09:56
- PRESS RELEASE
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.
Related stories
Also consider reading:
Digg
Facebook
LinkedIn
Twitter
Browse
related articles
Today's most read articles:
- » Bahrain is best for expats in Middle East and Africa
- » Fitch downgrades Dubai Holding Commercial Operations Group to 'BB'; remains on Watch Negative
- » Emirates is to launch flights to Amsterdam from 1st May 2010
- » Dreamliner test flight expected in December
- » Ratings on four Dubai-based banks lowered and maintained on CreditWatch Negative following downgrades of Dubai GREs
Log in to request more information from TAQA
Notes and media contacts
About Abu Dhabi National Energy Company PJSC (TAQA)Abu Dhabi National Energy Company (TAQA) www.taqa.ae is a global energy company with investment capabilities in power generation, CHP, desalination, renewables, upstream oil/gas, pipelines, services, structured finance and the creation, syndication and management of assets. TAQA was founded in Abu Dhabi in 2005 and listed on the Abu Dhabi Stock Exchange. At year end 2006 TAQA had in excess of AED 51bn in assets and generated AED 4.8bn revenue. The company currently has in excess of 10,000 MW (gross) of installed generation, upstream oil/gas production, gas processing, pipelines and natural gas storage. TAQA operates from its offices in Abu Dhabi, The Hague, Ann Arbor, Aberdeen and Amsterdam with alliance partners across the Gulf, Middle East, North Africa, Sub-Saharan Africa, Europe, Asia, and the United States.
Posted by Lara Lynn Golden, News EditorMonday, July 09 - 2007 at 09:56 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Disclaimer:
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
It looks like you are using a Mac - check out our 
Web Feeds