We continue to expect that the Abu Dhabi government's large net asset position will provide a considerable buffer to mitigate the impact of commodity market volatility on the economy. We are therefore affirming our 'AA/A-1+' sovereign credit ratings on Abu Dhabi. The stable outlook reflects our expectation that, over the next two years, Abu Dhabi's economy will remain resilient and its fiscal reserves well above 100% of GDP, although structural and institutional weaknesses will likely persist. On July 21, 2017, S&P Global Ratings affirmed its 'AA' long-term and 'A-1+' short-term foreign and local currency sovereign credit ratings on the Emirate of Abu Dhabi, a member of the United Arab Emirates (UAE). The outlook is stable. The ratings are supported by
