By Anadolu Agency
July 13, 2023 3:55 pmISTANBUL
Fitch Ratings announced Thursday it affirmed the United Arab Emirates’ (UAE) long-term foreign-currency rating at ‘AA-‘ with a stable outlook.
“The ‘AA-‘ rating reflects the UAE’s moderate consolidated public debt level, strong net external asset position and high GDP per capita,” it said in a statement.
“These strengths are balanced by weak governance indicators relative to rating peers, the UAE’s high dependence on hydrocarbon income and the significant indebtedness of some of the Emirates and their government-related entities,” it added.
The rating agency said it projects the UAE’s fiscal breakeven oil price to average $62 per barrel in 2023-2005 period, adding the consolidated surplus will amount to 3.7% of the UAE’s GDP in 2024 and 3.4% in 2025.
After having an economic growth of 8% in 2022, the UAE is forecast to grow 2.1% in 2023 and 3.6% in 2024, according to Fitch.
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