Moody's and Fitch credit rating agencies raised the final source ratings of Abu Dhabi National Energy Company TAQA, as Moody's raised the rating level by three to Aa3 from A3 and Fitch by two degrees. To AA- from A.
According to the Emirates News Agency, these ratings represent the fourth highest rating within the investment grade in each of the two agencies' classification standards, as well as independent ratings from the solid investment grade baa1 and + bbb and mapped by Moody and Fitch, respectively.
The strong tacit support of the government of Abu Dhabi, the indirect owner of the majority in TAQA, has strengthened independent classifications to reach the final source classifications, in accordance with the evaluation methodologies of the two agencies. < / p>
The process of raising the credit ratings of TAQA comes days after the completion of the historic deal between TAQA and the Abu Dhabi Energy Corporation, which witnessed the transfer of ownership of most of the companies and assets of the generation, transmission, and distribution of water and electricity affiliated to Abu Dhabi Energy Corporation to TAQA in exchange for the latest issue of 106 billion, 367 million and 950 thousand new shares for the Abu Dhabi Energy Corporation.
Jassim Hussein Thabet, CEO and Managing Director of TAQA, said: The raising of credit ratings shows TAQA's current strength and standing as a leading player in the utilities sector in the Europe, Middle East and Africa region, Our ambition to provide strong financial performance and maintain it through a fully integrated and diversified asset portfolio with strong growth prospects makes investing in TAQA an attractive opportunity for investors in both equity and credit markets. To this end, we will commit to maintaining independent credit ratings from the investment grade. Solid, through proactive and disciplined financial management.
TAQA is now the third largest public joint stock company listed in the country's financial markets by market value, and one of the ten largest integrated utility companies in the Europe, Middle East and Africa region of Where the assets are organized.
The company’s list of assets includes 12 power generation and water production plants in the UAE, and it is the only company in Abu Dhabi responsible for transporting and distributing water and energy, and it also has assets in both Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Kingdom, and the United States of America.
