United Arab Emirates – Sovereign Ratings Affirmed with a Stable Outlook

10 July 2026

Rating Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and LT Local Currency Rating (LT LCR) of the United Arab Emirates (UAE) at ‘AA-’. At the same time, CI Ratings has affirmed the sovereign’s Short-Term FCR (ST FCR) and ST LCR at ‘A1+’. The Outlook on the ratings remains Stable.

Rating Rationale

The ratings reflect the strength of the UAE’s consolidated fiscal and external positions, which provide an effective buffer against external shocks and have been resilient through the regional armed conflict and closure of the Strait of Hormuz. The ratings also continue to reflect 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 UAE’s stable domestic political environment, very high GDP per capita, sound banking system, and the government’s accelerating efforts…