Abu Dhabi city 

Fitch Affirms UAE Credit Rating at 'AA-' with Stable Outlook

Fitch Ratings has affirmed the UAE's long-term credit rating at 'AA-' with a stable outlook. The rating reflects the country's low consolidated government debt and strong net external assets.

Fitch explained that the rating reflects the low consolidated government debt, strong net external assets, and high GDP per capita, in addition to the support provided by Abu Dhabi's substantial sovereign assets, which are equivalent to approximately 164% of the UAE's GDP in 2025.

The agency added, "All the emirates are expected to implement recovery programs, but growth is not expected to return quickly to pre-war levels." Fitch anticipates that each emirate will bear the costs of a war with Iran individually, rather than the federal government.

The agency expects a gradual reopening of the Strait of Hormuz starting in July, but warned of continued risks associated with the war and the potential for renewed escalation, which could impact oil and gas exports.

The agency expects Abu Dhabi's oil export revenues to rise in 2026 compared to pre-war forecasts, supported by oil prices averaging $87 per barrel.