CI affirms UAE's sovereign ratings at 'AA-' with stable outlook

The ratings reflect the UAE's strong external position

  
Etihad Towers is the name of a complex of buildings with five towers in Abu Dhabi, the capital city of the United Arab Emirates. Image used for illustrative purpose.

Etihad Towers is the name of a complex of buildings with five towers in Abu Dhabi, the capital city of the United Arab Emirates. Image used for illustrative purpose.

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UAE - Mubasher: Capital Intelligence (CI) has affirmed the sovereign's long-term foreign currency and long-term local currency ratings of the UAE at 'AA-', with a stable outlook.

The international credit rating agency has also affirmed the sovereign's short-term foreign currency and short-term local currency ratings at 'A1+', according to a recent press release.

The ratings reflect the UAE's strong external position, which is featured by substantial financial assets, a stable domestic political situation, and high GDP per capita.

In addition, the country is forecast to remain in surplus despite the coronavirus (COVID-19) economic impact on oil and tourism sectors and to achieve a surplus at an average of 2.8% of GDP in 2020-21.

Source: Mubasher

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