UAE – Mubasher: Moody's Investors Service (Moody's) has assigned the UAE government an Aa2 rating in creditworthiness, the region's highest sovereign rating, with a stable outlook for the national economy.
In its report on the UAE's sovereign credit profile, Moody's referred that the rating reflects the UAE’s credit strength, which is supported by the high per capita GDP, the country's internal stability, and strong international relations, according to a press release on Wednesday.
In addition, the global rating agency confirmed that the UAE has set reforms and diversify its revenue base, which reflects its strong institutional effectiveness.
Meanwhile, the agency's stable outlook was backed by a stable outlook on the sovereign rating.
The Deputy Ruler of Dubai and Minister of Finance, Sheikh Hamdan bin Rashid Al Maktoum, said that this rating proves the resilience of the UAE economy and its ability to address several challenges, namely the coronavirus (COVID-19) pandemic, according to a press release on Wednesday.
Al Maktoum added that the policies and measures taken by the UAE federal government have succeeded in tackling the COVID-19 impact to enable the country to continue its comprehensive and sustainable development.
