Bangkok--29 Jul--Standard & Poor's Standard & Poor's Ratings Services today said it had affirmed its 'AA' long-term and 'A-1+' short-term sovereign credit ratings on the Emirate of Abu Dhabi, a member of the United Arab Emirates (UAE). "The ratings on Abu Dhabi are supported by the government's very strong asset position, which provides significant financial flexibility, the country's high level of political stability and wealth, underpinned by its rich resource endowment, and by policies that reinforce Abu Dhabi's integration with the global economy," Standard & Poor's credit analyst Luc Marchand said. "The ratings are constrained by the geopolitical risks that face all sovereigns in the region, the limited disclosure on the government's assets, and growing contingent liabilities arising from the banking system and the public sector of the UAE as a whole." The stable outlook on Abu Dhabi balances the Emirate's strong financial position and prudent policies against geopolitical risks, rising contingent liabilities, and potential impediments to growth stemming from undeveloped institutions. "Significantly reduced geopolitical risk would be important in raising the rating in the future," Mr. Marchand said. "Conversely, a sustained worsening of political and event risks, or a significant and sustained erosion of the government's asset position, would put the government's creditworthiness under pressure." Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Credit Ratings Search. Media Contact: David Wargin, New York (1) 212-438-1579, [email protected] Analyst Contacts: Luc Marchand, London (44) 20-7176-7111 Farouk Soussa, PhD., London (44) 20-7176-7104 Sovereign Ratings