• 01 Jul 2009
  • Global

Abu Dhabi National Energy Company PJSC (TAQA) terminates relationship with Standard & Poor’s

ABU DHABI, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it has terminated its relationship with Standard Poor’s (“SP”) effective 30 June 2009. This decision follows an internal review of the new ratings methodology for Government-Related Entities (GRE) published by SP.CommentPeter Barker-Homek, Chief Executive Officer of TAQA, said:“Following our review of the new methodology published by SP on 30 June, we do not believe these criteria will result in a rating that will accurately reflect the credit-worthiness of TAQA. The underlying fundamentals of our business have not changed. TAQA is the majority owner of the plants that supply 98% of the power and water needs for the Emirate of Abu Dhabi, we have strong ties to the Government of Abu Dhabi through both ownership and the membership of our board of directors; the implicit support of the Government is unchanged and has consistently been confirmed in both word and deed.SP promulgated new methodology that will affect Government Related Entities (GRE) worldwide. This new methodology affects GREs regardless of whether their relationship with the sovereign or their economic viability remains unchanged since they were first given a rating by SP.SP formally confirmed our rating in May, 2009. In summary TAQA has not changed, but SP has.”- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL

Sign up for TAQA news