The United Arab of Emirates (UAE) returned its country credit ranking in the Middle East while improving its rating, even as the world at large was deemed to have become a riskier place.
A report cited by the Gulf News showed that Emirates could maintain its 26th place at the global level.
According to the recent report of the Institutional Investor - 2001 country credit ratings - the UAE is charted as the eighth-biggest upward move among 145 countries.
The publication underscored that the UAE's credit rating of 68.3 increased 0.7 points in the six months proceeding September and by 2 points for the full year.
The global average stands at 41.5, down 0.8 in the six months, and by 1.9 over the past year. The Mideast average stands at 5.9 (-0.5 in the six months, and -1.8 for the year).
Analysts attributed the advanced rating of UAE among the world countries to the policy of the country and to the wise leadership by the President Sheikh Zayed bin Sultan Al Nahyan.
Interestingly, the US which is placed on the sixth rung at the global level, saw its credit being eroded by 1.1 points to 91.6 in the six months, said the Dubai-based paper,
The UAE led Kuwait at 31st rung globally and second in the Middle East with 63.6 points, down 0.8 points over the year.
Following on were Saudi Arabia at 39th globally with 58.8 points (+1.8 over the year), Qatar at 41st with 57.3 points (+1.1), Oman at 44th with 55.4 points (+0.5), and Bahrain at 47th with 54.4 points (-0.2) – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
