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S&P affirms Abu Dhabi's credit rating; stable outlook

S&P affirms Abu Dhabi's credit rating; stable outlook
S&P has affirmed the long-term sovereign credit rating of Abu Dhabi at 'AA'

Abu Dhabi – Mubasher: S&P Global Rating has affirmed the long-term sovereign credit rating of Abu Dhabi at 'AA' and the short-term foreign and domestic currency rating at  'A-1+', with a stable outlook.

S&P Global Rating expected that Abu Dhabi's financial position to remain strong over the next two years, with financial reserves to remain strong, according to a recent research note.

The assessment of Abu Dhabi is driven by its net asset position, which exceeds 250% of GDP, in addition to proactive policymaking set by the emirate against the sharp fall in oil prices and other external shocks.

Meanwhile, the international rating agency estimated that the real GDP will grow by 2.5% in 2020 against a backdrop of the emirate's plans to increase oil production to 4 million barrels per day (bpd) as well as ADNOC's AED 485 billion five-year investment plan, representing 10% of the annual GDP.