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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.”
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