Government of Abu Dhabi Aa2 stable: Update following assignment of ESG credit impact scores

Government of United Arab Emirates: New corporate income tax is credit positive for the sovereign - Issuer Comment – 2022/02/03 – US$ 200.00 – ...On 31 January, the United Arab Emirates (Aa2 stable) Ministry of Finance announced a new federal corporate income tax (CIT) effective 1 June 2023. The new tax will broaden the federal government's revenue base, increasing its scope for spending and enhancing its already-strong fiscal metrics and debt-issuing capacity, which is currently capped at around 250% of own stable revenue. And, depending on the extent of revenue sharing with individual emirates, it will be credit positive for them too. Assuming that revenue sharing with the individual emirates is in line with the current approach for value added tax (VAT) receipts, the new tax will diversify Abu Dhabi's (Aa2 stable) government revenue away from hydrocarbons, although modestly. For the other emirates including Sharjah (Baa3 negative) and Dubai, the tax's revenue stream will augment license fees, service fees and volatile land sales. However, free zones in the UAE's non-oil economy will be exempt from the tax, which will limit the...

Government of Abu Dhabi Aa2 stable: Regular update - Credit Opinion – 2021/10/20 – US$ 250.00 – ...Abu Dhabi's credit profile is supported by the government's strong balance sheet and net creditor position, with sovereign wealth assets far exceeding total liabilities in the wider public sector, as well as its very high income levels and vast hydrocarbon endowment. These strengths are balanced against the very significant reliance of the economy and government finances on hydrocarbons and regional geopolitical tensions....

Government of Abu Dhabi - Aa2 stable: Annual credit analysis - Issuer In-Depth – 2021/05/25 – US$ 750.00 – ...The credit profile of Abu Dhabi reflects the strength of the government's balance sheet. We estimate that total government debt is equivalent to 5% of the total value of the Abu Dhabi Investment Authority's (ADIA) gross assets under management. A very high per capita income, vast hydrocarbon reserves and superior infrastructure also support creditworthiness. In addition, domestic politics are stable and the United Arab Emirates (UAE, Aa2 stable) has good relations with the international community. Abu Dhabi's main credit challenges lie in a lack of institutional data transparency, particularly the absence of public figures on prospective budgets and on the composition of offshore assets managed by ADIA. Regional geopolitical tensions present event risks, and the emirate's dependence on hydrocarbons is also a significant vulnerability. That said, the investment returns from ADIA provide an additional source of stable revenue for Abu Dhabi. The stable outlook reflects our expectation that...

Government of Abu Dhabi Aa2 stable: Update following rating affirmation, outlook unchanged - Credit Opinion – 2021/05/05 – US$ 250.00 – ...Abu Dhabi's credit profile is supported the government's strong balance sheet, with estimated assets under management at the Abu Dhabi Investment Authority far exceeding total liabilities in the wider public sector. The rating is constrained by the government's high reliance on hydrocarbons revenues, limited transparency over the size and composition of financial assets, and the absence of timely, public fiscal data....

Moody's affirms Abu Dhabi's Aa2 ratings; maintains stable outlook - Rating Action – 2021/05/04 – US$ 180.00 – use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR...

Moody's announces changes in country ceilings following methodology update - Announcement – 2020/12/07 – US$ 180.00

Government of Abu Dhabi Aa2 stable: Regular update - Credit Opinion – 2020/09/29 – US$ 250.00 – ...Abu Dhabi's credit profile is supported the government's strong balance sheet, with estimated assets under management at the Abu Dhabi Investment Authority far exceeding total liabilities in the wider public sector. The rating is constrained by the government's high reliance on hydrocarbons revenues, limited transparency over the size and composition of financial assets, and the absence of timely, public fiscal data....

Government of Abu Dhabi Aa2 Stable: Annual credit analysis - Issuer In-Depth – 2020/05/10 – US$ 750.00 – ...The credit profile of Abu Dhabi reflects the strength of the government's balance sheet. We estimate that total government debt is equivalent to 5% of the total value of the Abu Dhabi Investment Authority's (ADIA) gross assets under management. A very high per capita income, vast hydrocarbon reserves and superior infrastructure also support creditworthiness. In addition, domestic politics are stable and the United Arab Emirates (UAE, Aa2 stable) has good relations with the international community. Abu Dhabi's main credit challenges lie in a lack of institutional data transparency, particularly the absence of public figures on prospective budgets and on the composition of offshore assets managed by ADIA. Regional geopolitical tensions present event risks, and the emirate's dependence on hydrocarbons is also a significant vulnerability. That said, the investment returns from ADIA provide an additional source of stable revenue for Abu Dhabi. The stable outlook indicates that the rating is...

Government of Abu Dhabi Aa2 stable: Update following forecast change - Credit Opinion – 2020/04/18 – US$ 250.00 – ...Abu Dhabi's (Aa2 stable) credit profile is supported by its strong balance sheet, with sovereign wealth fund assets far exceeding total government liabilities, which mitigate the vulnerability of government revenue to temporary declines in oil prices, such as the one caused by the coronavirus pandemic. The rating is constrained by the government's reliance on hydrocarbons revenues, and the absence of timely and transparent fiscal data....

Government of Abu Dhabi Aa2 stable: Regular update - Credit Opinion – 2020/04/01 – US$ 250.00 – ...Abu Dhabi's (Aa2 stable) credit profile is supported the government's strong balance sheet, with estimated assets under management at the Abu Dhabi Investment Authority far exceeding total liabilities in the wider public sector. The rating is constrained by the government's high reliance on hydrocarbons revenues, limited transparency over the size and composition of financial assets, and the absence of timely, public fiscal data....