TAQA to concentrate on $1.4 billion capital expenditure program

Taqa-LogoOn Wednesday, Abu Dhabi National Energy Co., TAQA told that $1.4 billion capital expenditure program would be its main focus for the year 2010.

On a conference call, Carl Sheldon, the company's General Manager told reporters that the company won't exclude the options of acquisitions this year however any purchases would have to complement existing assets.

Moody's Investors Services decreasing Taqa's rating four notches to A3 from Aa2 earlier this month has not affected the Taqa's ability to access credit markets, said Chief financial officer Doug Fraser.

He added, "We saw some widening in our credit spreads after the Moody's announcement but they are now tighter than they were before it."