Dubai-Mubasher: Capital Intelligence (CI) affirmed the UAE’s long-term foreign and local currency sovereign ratings at “AA-” and its short-term foreign and local currency sovereign ratings at “A1”, according to the agency’s recent report.
CI’s rating reflects UAE’s strong external position and resultant capacity to absorb economic shocks, in addition to the moderate levels of public debt.
The agency expected the external current account surplus to reach 2.9% of the GDP in 2015.
Foreign-exchange reserves are expected to reach $78.7 billion or 23.2% of the GDP in 2015, representing a supportive source for the peg currency to the dollar.
