Moody's: Stable outlook for GCC sovereigns but fiscal reforms, geopolitics, unemployment pose challenges

Abu Dhabi, Government of - Country Statistics – 2019/06/03 – US$ 750.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained...

Government of Abu Dhabi Aa2 Stable: Annual credit analysis - Issuer In-Depth – 2019/04/15 – US$ 750.00 – ...The main credit strength of Abu Dhabi (Aa2 stable) is its healthy government balance sheet: we estimate that total government debt (including guarantees) is equivalent to 3.7% 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 strong international relations. Abu Dhabi's main credit challenges lie in a lack of institutional transparency, particularly the absence of public figures on prospective budgets and on the composition of offshore assets managed by ADIA. Regional geopolitical tensions also present event risks. The emirate's dependence on hydrocarbons is also a significant vulnerability. Although the government has taken active measures to reduce the economy's sensitivity to oil price shocks, non-oil sectors are less developed than...

Government of Abu Dhabi Aa2 Stable: Update following rating affirmation, outlook unchanged - Credit Opinion – 2019/03/26 – 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 the government's financial assets, and the absence of timely, public fiscal data....

Moody's affirms Abu Dhabi's Aa2 rating; maintains the stable outlook - Rating Action – 2019/03/26 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained...

Moody's announces completion of a periodic review of issuers including Abu Dhabi, Government of - Announcement – 2019/03/08 – US$ 180.00

Government of Abu Dhabi Aa2 Stable: Regular update - Credit Opinion – 2018/09/19 – 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 (ADIA) far exceeding total liabilities in the wider public sector. However, the rating is constrained by the government's high reliance on hydrocarbons revenues, as well as limited transparency over the size and composition of the government's financial assets, and the absence of timely, public fiscal data....

United Arab Emirates, Government of: FAQ on the credit impact of VAT and federal debt issuance - Issuer In-Depth – 2018/09/17 – US$ 750.00 – ...In this report, we examine the economic, fiscal and political impact of the first federal-level tax in the United Arab Emirates (UAE, Aa2 stable) since its introduction at the start of the year, as well as the potential implications arising from domestic debt issuance. + Will the introduction of VAT have a visible fiscal and economic impact? We estimate that the tax could raise up to 1.7% of GDP (AED24 billion) in additional revenue for the UAE annually overall, with intake lower in the early years. The UAE government will retain 30% of revenue, with the rest distributed at the emirate level according to a yet-to-be-announced sharing formula. The inflationary impact has been fairly modest thus far given various exemptions and as some retailers have absorbed some of the price increases. That said, discretionary segments like restaurants and hotels have been more affected. + Do the federal government's new tax powers signal a shift in power sharing? VAT is the first federal-level tax, but...

Abu Dhabi, Government of: Revenue windfall clears the path for Abu Dhabi's stimulus package - Issuer Comment – 2018/06/11 – US$ 200.00 – ...On May 6, Abu Dhabi (Aa2 stable) announced plans to implement a $13.6 billion stimulus package. The fiscal stimulus package will be spread over a period of three years, amounting to just over a 5% annual increase in government expenditure. Despite being a significant increase in spending, we expect that the package will be fully met by increased oil revenues. Sheikh Mohammed bin Zayed al-Nahyan, crown prince of Abu Dhabi gave orders to officials to draw up an execution plan for the spending within 90 days, meaning that the specific structure of the package has yet to be unveiled. However, the government has suggested that part of the funds would be used to generate 10,000 jobs for Emiratis in the public and private sector, as well as to speed up contract payments to the private sector. The government also announced a number of initiatives tied to the stimulus package, including new dual licences for free zone companies to allow them to operate outside of the zones and compete for government...

Government of Abu Dhabi Aa2 Stable: Regular update - Credit Opinion – 2018/05/17 – 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 (ADIA) far exceeding total liabilities in the wider public sector. However, the rating is constrained by the government's high reliance on hydrocarbons revenues, as well as limited transparency over the size and composition of the government's financial assets, and the absence of timely, public fiscal data....

Government of Abu Dhabi Aa2 stable: Annual credit analysis - Issuer In-Depth – 2018/04/11 – US$ 750.00 – ...Abu Dhabi's main credit strength is its healthy government balance sheet: we estimate that total government debt (including guarantees) is equivalent to 3.3% of the total value of the Abu Dhabi Investment Authority's (ADIA) gross assets under management. A very high per capita income, hydrocarbon reserves worth 77 years at the current rate of production, and superior infrastructure also support creditworthiness. In addition, domestic politics are stable and the United Arab Emirates has strong international relations. Abu Dhabi's main credit challenges lie in a lack of institutional transparency, particularly the absence of public figures on prospective budgets and on the composition of offshore assets managed by ADIA. Regional geopolitical tensions also present event risks. The emirate's dependence on hydrocarbons is also a significant vulnerability. Although the government has taken active measures to reduce the economy's sensitivity to oil price shocks, non-oil sectors are less developed...