Fitch Ratings has affirmed Abu Dhabi's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AA' with a Stable Outlook. Fitch has also affirmed Abu Dhabi's Short-term foreign currency IDR at 'F1+'. The UAE Country Ceiling is affirmed at 'AA+'.
The affirmation and Stable Outlook reflect the continued strength of Abu Dhabi's sovereign balance sheet. This is estimated to be the second strongest amongst rated sovereigns measured by sovereign net foreign assets (SNFA), and conveys exceptional fiscal flexibility. Foreign assets are estimated to have risen again in 2011, despite a dip in investment returns, as the general government budget moved further into surplus, despite a substantial spending increase.
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