S&P rates TAQA North notes AA-

Standard & Poor's said it assigned its AA- long-term debt rating to TAQA North Ltd.'s senior unsecured fixed-rate notes.

The notes are unconditionally and irrevocably guaranteed as to payment of principal and interest by Abu Dhabi National Energy Company PJSC (AA-/stable/A-1+), the agency added.

The proceeds of the notes will be used to partly finance TAQA North's recently announced acquisition of Prime West Energy Trust for C$5 billion and for various other corporate purposes, the agency said.

S&P noted that the rating on the notes is the same as the long-term corporate credit rating on TAQA, adding that any change in the rating on TAQA will therefore result in a corresponding change in the rating on the notes.

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