Fitch affirms Abu Dhabi

Fitch Ratings said it affirmed Abu Dhabi's long-term foreign- and local-currency issuer default ratings at AA and its short-term foreign-currency issuer default rating at F1+. The country ceiling is affirmed at AA+.

The outlook is stable.

"Financing flexibility and a strong balance sheet allowed Abu Dhabi to boost spending by one-third in 2009 even as revenue halved," Charles Seville, a director at Fitch, said in a statement.

Nevertheless, the general government recorded a deficit for the first time since 1999, the agency noted.

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