Dubai - Mubasher: Moody's Investors Service has affirmed the UAE’s long and short-term issuer ratings at Aa2, and changed the rating outlook to stable from negative, according to a recent report.
The ratings agency noted that the key drivers of the outlook change to stable are the effective and broad policy response to the lower oil price environment via an acceleration in the reform agenda, the economy's growth prospects, supported by a healthy banking system, and an easing of contingent liability risk.
The International Monetary Fund (IMF) expects the UAE non-oil growth to reach 3.3% in 2017, reflecting higher Expo 2020 investment, more gradual fiscal consolidation, and stronger global trade.
