S&P affirms Abu Dhabi’s credit rating | The National

S&P affirms Abu Dhabi’s credit rating | The National:

"The low price of oil is expected to worsen Abu Dhabi’s balance sheet over the coming months, Standard & Poor’s has warned, but the emirate’s cash piles will continue to support the economy.

Maintaining the emirate’s long-term debt rating at AA, a notch below its highest AAA rating, the credit ratings agency calculated in a report released late on Friday that Abu Dhabi’s budget would run at a deficit of about 5 per cent of the emirate’s GDP between this year and 2019.

That is bigger than S&P’s previous estimate for the period of a shortfall of about 1 per cent of GDP, and well below its expectations before that of a 2 per cent surplus."



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