Taqa drops S&P as its rating agency

The Abu Dhabi National Energy Company (Taqa), a publicly-listed company on the Abu Dhabi Securities Exchange, announced that it has terminated its relationship with Standard & Poor's effective 30 June 30, 2009.

This decision follows an internal review of the new ratings methodology for Government-Related Entities (GRE) published by S&P, said a statement.

"Following our review of the new methodology published by S&P on June 30, we do not believe these criteria will result in a rating that will accurately reflect the credit-worthiness of Taqa," said Peter Barker-Homek, CEO of Taqa.

"The underlying fundamentals of our business have not changed. Taqa is the majority owner of the plants that supply 98 per cent of the power and water for Abu Dhabi. We have ties with the Abu Dhabi Government through ownership and membership of our board of directors," he said.

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