Moody’s ups TAQA baseline

Moody's Investors Service said it affirmed the A3 long-term issuer rating and the P-2 short-term issuer rating of Abu Dhabi National Energy Co. (TAQA).

At the same time, Moody's upgraded the baseline credit assessment of TAQA to b1 from b2.

The outlook is stable.

The agency said the upgrade of TAQA's baseline credit assessment reflects a view that the stabilization of the operating performance of the oil and gas operations, and a gradual reduction in gross debt, have contributed to a slow improvement in the company's consolidated credit metrics.

However, the company continues to rely heavily on its power and water generation assets for debt servicing, which highlights the constraints that the oil and gas assets continue to exert on the baseline credit assessment, the agency added.

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