S&P rates TAQA A+/A-1

Standard & Poor's said it assigned its A+/A-1 corporate credit ratings to Abu Dhabi National Energy Co. PJSC (TAQA).

The outlook is stable.

The agency said that the rating reflects the company's key position in the economy of the Emirate of Abu Dhabi, with majority stakes in critical power and water desalination assets, as well as its importance to the sovereign as a vehicle for global investment and public policy.

S&P added that the key credit challenge is the company's very limited track record.

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