The probability for corporate defaults in the Gulf Cooperation Council (GCC) states remains low overall, according to the country ratings assigned by global credit insurance firm, Coface. In its latest quarterly rankings, Coface has maintained the GCC and Middle East and North Africa (Mena) country ratings at their previous risk level.
The UAE is ranked at A2, although the rating had been on a negative watchlist since December 2008. However, according to the Coface ratings report, the probability of corporate defaults remains low.
"The slowdowns in construction and financial services is expected to continue in 2009 as a result of the credit crisis and decline in demand," says the report on the UAE rating.
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