Abu Dhabi's net asset position exceeds 250% of GDP, which alongside proactive policymaking comfortably cushions it from the sharp fall in oil prices and other external shocks. Contingent liabilities from government-related entities or other emirates, although not contractual, could materialize in a highly uncertain regional and global economic environment; yet we expect Abu Dhabi's fiscal buffers will remain strong. We are therefore affirming our 'AA/A-1+' sovereign credit ratings on Abu Dhabi and maintaining a stable outlook. On March 26, 2020, S&P Global Ratings affirmed its 'AA/A-1+' long- and short-term foreign and local currency sovereign credit ratings on Abu Dhabi, a member of the United Arab Emirates (UAE). The outlook is stable. At the same time, we affirmed our 'AA' long-term
