Saturday 28 March 2009

Credit firms rate Abu Dhabi highly

ABU DHABI was yesterday rated a safe investment by three leading credit-rating agencies evaluating a plan by the Government to borrow US$10 billion (Dh36.7bn) on the international markets.

Abu Dhabi was rated highly, implying a low risk of default, on the strength of its oil revenues, massive savings and low debt levels.

“The ratings on the Emirate of Abu Dhabi are supported by the Government’s very strong asset position, which provides significant financial flexibility, the country’s high level of political stability and wealth, underpinned by its rich resource endowment, and by policies that reinforce Abu Dhabi’s integration with the global economy,” said Farouk Soussa, a credit analyst at Standard & Poor’s.

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