Moody's ups TAQA to Aa2

Moody's Investors Service said it upgraded the senior unsecured issuer and debt ratings of Abu Dhabi National Energy Company (TAQA) to Aa2 from Aa3.

The outlook is stable.

The action follows Moody's assignment of Aa2 long term sovereign ratings to the Government of Abu Dhabi. As a government-related issuer, TAQA's ratings are closely aligned to the rating of Abu Dhabi, given the high exceptional support assumption factored into TAQA's ratings, the agency said.

TAQA is turning into a flagship energy investment company for the Abu Dhabi government, Moody's said. In the absence of any changes to the strong support relationship between Abu Dhabi and TAQA, ratings are likely to move in sync with the sovereign ratings, the agency said.

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