Middle East Economic Survey

VOL. LIV

No 41

10-Oct-2011

UAE

TAQA Secures Provisional A3 Rating For $1.1Bn Sukuk Program

Abu Dhabis TAQA has secured a provisional A3 rating (stable outlook) from Moodys Investors Service for its proposed Malaysian ringgit 3.5bn ($1.1bn) sukuk program. The sukuk Murabaha will rank pari passu with all other of TAQAs unsecured and unsubordinated obligations and therefore carry the same rating as the companys A3 long term issuer rating. The documentation contains a...