Abu Dhabi National Energy Company PJSC moves from Aa3 to Aa2; outlook is stable

Moody's recently assigned Aa2 long-term sovereign ratings to the Government of Abu Dhabi, and TAQA is 75 percent 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 toward 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.

TAQA carries an AA- credit rating according to S&P and was recently presented Best Borrower of the year 2007 by Euromoney Awards.