Dubai-Mubasher: Capital Intelligence Ratings (CI Ratings) has affirmed the United Arab Emirates' (UAE) Long-Term Foreign and Local Currency Ratings at 'AA-', and its Short-Term Foreign and Local Currency Ratings at 'A1+', according to a statement issued on Friday.
The international credit rating agency gave a ‘Stable’ Outlook to the UAE’s sovereign ratings.
The UAE’s external current account is projected to remain in surplus of about 0.5% of the gross domestic product (GDP) in 2016, after it reached 3.9% in 2015.
Official foreign exchange reserves were estimated at about $94.0 billion by the end of 2015, providing adequate support for the currency peg and an adequate buffer against external liquidity shocks, according to CI’s report.
