- 28 Apr 2016
S&P affirms TAQA ‘A’ credit rating
ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”), today announced that Standard & Poor’s Ratings Services (“S&P”) has affirmed TAQA’s credit rating at ‘A’ (outlook stable).“We are pleased that S&P affirmed TAQA’s investment-grade credit rating,” said Grant Gillon, TAQA CFO. “The rating demonstrates that we have a strong credit story and speaks of the progress TAQA has made in building a financial framework appropriate for the prevailing market conditions. The ongoing transformation of our cost base continues to yield further benefits and enables us to maintain a strong cash and liquidity position.”In a report issued by S&P today, the rating agency noted ongoing support from the Abu Dhabi government to TAQA. The Abu Dhabi government holds a 75% stake in TAQA. In response to the rapidly declining commodity price environment, TAQA embarked on a two-year cost transformation program in mid-2014. TAQA has saved more than AED 5.0 billion in cash costs and capex in 2015. It expects to realize further significant reductions to its cost base in 2016.Moody’s Investor Service affirmed a A3 rating for TAQA in July 2015.- ENDS -Attachment: S&P ReportAbout TAQATAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company’s assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Kurdistan Region of Iraq, Netherlands, United Kingdom and United States.