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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.
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