Fitch Ratings affirmed the UAE Federal Government's rating at AA- with a stable outlook.
According to Arabiya Net, the agency indicated that the classification reflects the level of the state's combined public debt, the strong position of net foreign assets, and the high per capita GDP, in addition to the availability of support From the Abu Dhabi government when needed.
It is worth noting that Abu Dhabi's sovereign net foreign assets are among the highest in Fitch's ratings.
For its part, Fitch expected the UAE to record a budget deficit of 0.2% of GDP in 2021, after a deficit of 2.3% in 2020.
