Complex Made Simple

Etisalat maintains investment grade ratings, shares close even

The ADX General Index ended up 0.32% Tuesday, finishing at 2,466.13 points. Abu Dhabi National Energy Co. or Taqa (Arabic for energy) jumped 2.50% to reach Dhs1.25. Oil prices consolidated above their one-month high at around 85.5 U. S. dollars per barrel (U. S. crude). The surge was triggered by inrceased tensions in the Arabian Gulf between the West and Iran as Tehran's parliament is considerin passing a bill which allows Iran to close the Straits of Hormuz for oil tankers from nations which imposed an oil embargo against the Islamic Republic. Shares of market bellwether Etisalat ended flat at Dhs9.20. Earlier in the day, Etisalat said in a statement to the ADX that the UAE's first telco provider has maintained its investment grade credit ratings from agencies Standard and Poor's, Fitch and Moody's which rated Etisalat with AA-, A+ and Aa3, respectively. All three agencies say the firm's outlook was stable.