Fitch affirmed Abu Dhabi's rating at AA with a stable outlook.
According to Arabiyanet, Fitch said that Abu Dhabi's classification reflects the strength of financial standards, related to the external position, and the high per capita GDP, balanced by the heavy dependence on oil The economic policy framework that is still under development and governance indicators.
The agency added that government debt is among the lowest rates and net sovereign foreign assets are estimated to be the third largest among sovereign countries ranked by Fitch at 218% of GDP The end of 2019 provides strong flexibility in the face of the oil price shock, as the contribution of hydrocarbons to about 80% of fiscal revenues leads to fluctuations in the public financial results, according to Al-Bayan newspaper.
and Fitch expects that domestic spending will remain stable on a large scale, as the government will try to avoid weakening the non-oil economy, which has been severely affected by the (Covid 19) pandemic.
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