Abu Dhabi National Energy Company PJSC senior unsecured notes rated 'AA-'

The note issues comprise a five-year $1bn senior unsecured issue maturing on Aug. 1, 2013, and a 10-year $500m senior unsecured note issue maturing on Aug. 1, 2018.

The note issuances conform with the terms governing all senior unsecured notes under the program and were therefore assigned 'AA-' ratings in line with the program rating.

Proceeds from the note issuances will be used to partly pay down some of the drawings under TAQA's existing short-term facilities as well as to fund TAQA's corporate activities, including acquisitions planned over the short term.

The 'AA-' corporate credit rating and 'BB' stand-alone creditworthiness on TAQA already factor in the impact of these two note issuances.

TAQA was established in 2005 in Abu Dhabi as an energy holding company.

The ratings on TAQA reflect the company's position as a key entity in the economy of the Emirate of Abu Dhabi (AA/Stable/A-1+) as the majority owner of critical power and water desalination assets, and its importance as a vehicle for global investment and public policy.

As a result, the ratings reflect Standard & Poor's expectation of ongoing implicit sovereign support (although there are no formal guarantees) and the company's status as a government-related entity.

We apply a one-notch differential between the rating of the Emirate and TAQA to reflect this support.