Abu Dhabi – Mubasher: S&P Global Ratings had lowered its long-term corporate credit rating on Abu Dhabi National Energy Co (TAQA) to "A-" from "A", with a “Negative” outlook.

The rating agency lowered the issue rating on TAQA's senior unsecured debt to "BBB+" from "A-".

The downgrade indicates potential risks to S&P’s current assessment that TAQA has an extremely high possibility of receiving support from Abu Dhabi’s government in a financially stressful scenario.

S&P assumes that TAQA will maintain a dominant market share, particularly in the power and water segments in the UAE.

However, the agency continues to anticipate continued robust cash flow generation from TAQA's power and water businesses in the medium-term.

TAQA will maintain sufficient liquidity after meeting its refinancing and capital spending needs.