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Fitch Rates the UAE at 'AA-'; Outlook Stable

Saturday, 11 14 2020, Category: Rating, Country: U.A.E
Fitch Ratings has assigned the United Arab Emirates (UAE) a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'AA-' with a Stable Outlook.

The 'AA-' rating applies to the federal government of the UAE. It reflects the UAE's moderate consolidated public debt level, strong net external asset position and high GDP per capita. It also reflects the likelihood of support from Abu Dhabi (AA/Stable) in the event of need. These strengths are balanced by weak governance indicators relative to rating peers, the high dependence on hydrocarbon income of the UAE, the significant indebtedness of some of the Emirates and their government-related entities (GREs), and the absence of an explicit guarantee by Abu Dhabi.

Fitch evaluates the creditworthiness of the UAE federal government based on the consolidated fiscal and external position of all the Emirates as is standard practice for federal entities, as well as the federal government's standalone fiscal position and institutional set up.

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