04 May 2013
(MENAFN) Abu Dhabi National Energy Co (Taqa) CFO, Stephen Kersley, announced that the utility and oil producer is considering a bond sale during 2013’s fourth quarter, reported Khaleej Times.
The move comes as Standard & Poor’s upgraded its credit outlook for Taqa to positive from stable, which is expected to lower borrowing costs.
The rating agency added that Taqa’s power and water business is projected to make a strong cash flow that may lead to an upgrade in the firm’s A credit rating.
According to Kersley, the state-owned firm plans to refinance USD1.2 billion in bonds due in next year’s September.
It is worth noting that in 2012, the company had free cash flow of USD1.80 billion, compared with 2011’s USD329 million.
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