Abu Dhabi – Mubasher: Fitch Ratings has assigned Abu Dhabi National Energy Company (TAQA) an “A” long-term issuer rating with a stable outlook, the UAE-based company stated on Monday.

Fitch ascribed the rating to TAQA’s close relationship with the Abu Dhabian government, adding that the company’s power and water business has a low-risk nature.

“It’s significant for TAQA and our stakeholders that Fitch has assigned an investment-grade rating, recognising the strategic nature of the company in the Abu Dhabi economy and our relationship with the Abu Dhabi government,” TAQA’s CEO Saeed Al Dhaheri commented.

TAQA’s oil and gas business has undergone a two-year transformation programme, which saved an AED 13.2 billion in costs; however, this business bears more risks than the business of power and water, Fitch remarked.

“We continue to focus on prudent financial management while looking to invest further in the coming years in low-risk power and water infrastructure opportunities,” Al Dhaheri concluded.