According to Moody’s latest credit analysis report, issued on 7 April, the rating remains supported by the company’s close ties to the Abu Dhabi government and the outlook is stable.

Taqa has made seven acquisitions worth more than $10bn over the past 18 months, making it the largest borrower in the GCC to be rated by a credit ratings agency. A total of 43 per of Taqa’s revenues in 2007 came from outside the UAE.

The acquisitions have added to Taqa’s business risk, but this has been mitigated by the company’s ability to retain key staff and integrate its new businesses, according to Moody’s.

The report also highlights the fact that Taqa’s rating will continue to be tied to Abu Dhabi’s Aa2 sovereign rating, as long as the government’s 75 per cent stake in the company remains unchanged.