Moody's affirms TAQA

Moody's Investors Service said it affirmed the Aa3 long-term issuer and debt ratings of Abu Dhabi National Energy Co., which is also known as TAQA.

The outlook remains stable.

The affirmation follows the company's recent decision to increase its debt issuance to up to $9 billion in pursuit of international acquisitions. The agency said it initially assumed that TAQA would raise up to $3.5 billion over the medium term, most of which has already been attributed to recent power and energy acquisitions over the last six months.

At the same time, Moody's said that TAQA's acquisitions going forward will continue to focus on low-risk contracted energy assets with limited merchant risk and will contribute to the company's cash generation and equity base over time and that the company's credit profile remains dominated by the high support it receives from the Abu Dhabi government.

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