UAE – Mubasher: Moody's Investors Service has affirmed Abu Dhabi National Energy Company’s (TAQA) long-term issuer rating at A3 and the short-term issuer rating at P-2.
TAQA’s baseline credit assessment (BCA) has been upgraded to b1 from b2, Moody's said in a press release.
Moreover, the American credit rating agency has maintained outlook on all ratings at stable, expecting TAQA to carry on benefiting from very high support from the Government of Abu Dhabi.
The company’s ratings could be upgraded or downgraded based on its position for Abu Dhabi’s government.
The agency also maintained TAQA’s senior unsecured medium-term note programme at (P)A3 and affirmed its senior unsecured regular bond/debentures at A3.
In May, TAQA announced it had generated a net profit of AED 181 million for the first quarter of 2019, compared to AED 304 million in Q1-18.
