Abu Dhabi – Mubasher: Moody's Investors Service has affirmed the UAE’s credit rating at “Aa2”, and upgraded its outlook to “Stable” from “Negative”, according to a recent report.
The country’s economic growth is reported solid at 3% despite low oil prices, Moody’s added.
“Superior infrastructure supporting diversification, very high per capita income, and hydrocarbon reserves of more than 70 years at the current rate of production also support creditworthiness,” a credit analyst with Moody’s, Mathias Angonin, said.
“In addition, the UAE’s domestic politics have a track record of stability and the country has strong international relations,” the analyst added.
Angonin noted that mega projects in Dubai will continue to support non-residential construction activity that has been accelerating, leading to Expo 2020.
The UAE’s deficit is expected to decline to 1.09% of the gross domestic product (GDP) during 2017; however, the country is forecast to register a surplus in 2019, Moody’s noted in its report.
