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Article: UAE bond ratings upgraded by Moody's to Aa2

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Xinhua News Agency
Article date:
July 10, 2007
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UAE bond ratings upgraded by Moody's to Aa2

ABU DHABI, July 10 (Xinhua) -- The foreign and local currency government bond ratings of the United Arab Emirates (UAE) has been upgraded by the U.S. financial research firm Moody's to Aa2, local newspaper Khaleej Times reported on Tuesday.

In an associated action, the UAE's country ceiling for foreign currency bank deposits was also raised to Aa2, according to the report. Its country ceilings for foreign and local currency bonds remain at Aa2.

Ratings of Aa2 mean that the obligations concerned are judged to be of high quality and are subject to very low credit risk.

The primary reason for Moody's to upgrade the UAE bond ratings was the ...

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