TEXT-S&P summary: Abu Dhabi National Energy Co. PJSC

Fri Nov 30, 2012 3:31am EST

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(The following statement was released by the rating agency)

Nov 30 -

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Summary analysis -- Abu Dhabi National Energy Co. PJSC ------------ 30-Nov-2012

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CREDIT RATING: A/Stable/NR Country: United Arab

Emirates

Primary SIC: Holding

companies, nec

Mult. CUSIP6: 00386S

Mult. CUSIP6: 00388W

Mult. CUSIP6: 00389F

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Credit Rating History:

Local currency Foreign currency

16-Dec-2010 A/NR A/NR

08-Jul-2009 NR/NR NR/NR

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Issues:

Rating Rating Date

MYR3.5 bil med-term note Prog 10/06/2011: sr

unsecd A- 10-Oct-2011

US$9 bil med-term note Prog 09/08/2009: sr

unsecd A- 24-Nov-2011

US$750 mil 5.875% nts ser 8 due 12/13/2021 A- 13-Dec-2011

US$750 mil 4.125% nts ser 7 due 03/13/2017 A- 13-Dec-2011

US$1 bil 6.6% med-term nts ser 3 due

08/01/2013 A- 04-Jan-2012

US$500 mil 6.165% med-term nts due 10/25/2017 A- 04-Jan-2012

EUR750 mil 4.375% nts due 10/28/2013 A- 04-Jan-2012

US$500 mil 7.25% med-term nts ser 4 due

08/01/2018 A- 04-Jan-2012

US$1.2 bil 4.75% med-term nts ser 5 due

09/15/2014 A- 04-Jan-2012

US$500 mil 6.25% med-term nts ser 6 due

09/16/2019 A- 04-Jan-2012

US$1 bil 5.875% nts due 10/27/2016 A- 04-Jan-2012

US$1.5 bil 6.50% nts due 10/27/2036 A- 04-Jan-2012

bnds ser A due 12/2022 A- 27-Nov-2012

nts ser B due 12/2017 A- 27-Nov-2012

Rationale

The ratings on Abu Dhabi National Energy Company PJSC (TAQA) reflect the company's position as a key entity in the economy of the Emirate of Abu Dhabi (AA/Stable/A-1+). TAQA is the majority owner of critical power and water desalination assets, and its importance as a vehicle for global investment and public policy supports the ratings, in Standard & Poor's Ratings Services' view.

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