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Thursday, 2 July 2009

Taqa cuts ties with S&P over changes to rating method

Abu Dhabi National Energy Company (Taqa) Wednesday said it had severed ties with the ratings agency Standard & Poor’s (S&P) because of changes in the way the agency evaluates the creditworthiness of government-related companies.

The change led S&P to put Taqa and Nakilat, a gas shipping company based in Qatar, on watch for possible ratings downgrades.

Taqa, which is majority-owned by the Abu Dhabi Government and has 27.95 per cent of its shares listed on the Abu Dhabi Securities Exchange, still holds an “Aa2” rating from Moody’s Investor Services, one of the agency’s strongest marks.

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