Abu Dhabi – Mubasher: The credit ratings agency Fitch Ratings maintained Abu Dhabi’s AA ratings, with a “Stable” outlook, according to a statement.

The country’s credit is backed by strong fiscal and financial buffers and high GDP per capita.

Abu Dhabi’s sovereign net foreign assets were 282% of GDP last year, compared to 222% recorded in 2015. 

The AA median stood at 61% of GDP, while government debt was 3.6% of GDP.

Abu Dhabi could sustain present deficit levels for decades, with an estimated fiscal break-even oil price of around $60 per barrel, Fitch said.

Abu Dhabi’s spending is forecast to grow by 3% in 2017 after shrinking by 10.3% in 2016 and by 18.1% in 2015.