• 04 Mar 2010
  • Global

TAQA Announces Ratings Change by Moody’s

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that Moody’s Investors Service has downgraded its corporate credit rating of TAQA from Aa2 (review for downgrade) to A3 (stable).The support for TAQA from the Government of Abu Dhabi on which the Moody’s credit rating has always been based remains unchanged. Moody’s have changed their ratings criteria that apply to government related issuers as a whole and have accordingly downgraded the ratings for all Abu Dhabi government related issuers, including TAQA.The only TAQA obligations that could be specifically affected as result of the ratings change relate to arrangements under which TAQA Bratani Limited is required to provide security for the decommissioning costs associated with its UK platforms in the Northern North Sea. Since their acquisition in December 2008, the estimated future decommissioning costs of these platforms have been provided for in TAQA’s financial statements.Carl Sheldon, TAQA General Manager said: “The fundamentals of our business and our strong relationship with the Abu Dhabi Government remain unchanged following Moody’s action. Our business model and financial position are strong and robust. At A3, our rating remains a solid investment grade and we expect to continue to enjoy ready access to financial markets in the future. We have the financial flexibility to satisfy our capital requirements and remain well positioned for long term future growth.”- ENDS -CONTACT TAQA:TAQA Investor RelationsAbu Dhabi
Tanis Thacker
+971 2 691 4933
tanis.thacker@taqa.comMohammed Mubaideen
+971 2 691 4964
Mohammed.Mubaideen@taqa.comTAQA Media RelationsAbu Dhabi
Chaza Eskandar 
+971 2 691 4962
ceskandar@taqa.com Europe
Allan Virtanen
+ 31 64 61 47 448
allan.virtanen@taqa.comCanada
Leroy McKinnon
+1 403 724 5035
leroy.mckinnon@taqa.caNOTES TO EDITORSAbout TAQATAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and Canada, our oil and gas business includes exploration and production (E&P) and storage and pipelines. We produce almost 135,000 boe/d in the North Sea and Canada, as well as operating and developing extensive gas storage facilities in the Netherlands.Our power plants are located in the United Arab Emirates (UAE), Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.

Sign up for TAQA news