United Arab Emirates’ Sovereign Ratings Affirmed
Content is restricted
Summary
Ref : AE2 2 CRA00-0 1 21 J anuary 202 2
United Arab Emirates’ Sovereign Ratings Affirmed
w ith a Stable Outlook
R ating Action
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Long-Term Local Currency Rating (LT LCR) of the United Arab Emirates (UAE) at ‘AA-’. The sovereign’s Short-Term Foreign Currency Rating (ST FCR) and Short-Term Local Currency Rating (ST LCR) have been affirmed at ‘A1+’. The Outlook for the ratings remains Stable.
Rating Rationale
The ratings reflect the relative strength of the UAE’s consolidated fiscal and external positions and are underpinned by CI Ratings’ expectation that the oil rich emirate of Abu Dhabi would be willing to support federal institutions in the unlikely event of financial distress. The ratings are also supported by the stable domestic political environment, the country’s high GDP…