United Arab Emirates’ Sovereign Ratings Affirmed
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Summary
Ref : AE2 2 CRA00-0 2 15 July 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 strength of the UAE’s consolidated fiscal and external positions and CI’s expectation that they will remain strong throughout the forecast period, as well as our view that the oil rich emirate of Abu Dhabi would be willing to support federal institutions in the unlikely event of financial distress. The stable domestic political environment, the country’s…