ֳ

Entity

United Arab Emirates

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
AA-Affirmed27-Jun-2024Long Term Issuer Default Rating
F1+Affirmed27-Jun-2024Short Term Issuer Default Rating
AA+Affirmed27-Jun-2024Country Ceiling
AA-Affirmed27-Jun-2024Local Currency Long Term Issuer Default Rating
F1+Affirmed27-Jun-2024Local Currency Short Term Issuer Default Rating
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red

Rating History

Date :27-Jun-202413-Jul-202327-Oct-202207-Nov-202111-Nov-2020
Rating :AA-AA-AA-AA-AA-
Action :AffirmedAffirmedAffirmedAffirmedNew Rating

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

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Other Details  
Issuer: United Arab Emirates
Debt Level: senior unsecured
Issue: USD program
27-Jun-2024
AA-
Affirmed
Long Term Rating

Rating History
Country: United Arab Emirates
Sectors: Sovereigns
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; program - medium term note
Currency: USD
Amount: 0
Placement: Public
Issuer: United Arab Emirates
Debt Level: senior unsecured
Issue: USD 1 bln 2% bond/note 19-Oct-2031
27-Jun-2024
AA-
Affirmed
Long Term Rating

Rating History
Country: United Arab Emirates
Sectors: Sovereigns
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 31424EAA0 (144A)
ISIN: XS2397053757 (Reg S)
ISIN: US31424EAA01 (144A)
Maturity Date: 19-Oct-2031
Currency: USD
Amount: 1,000,000,000
Coupon Rate: 2%
Placement: 144A
Issuer: United Arab Emirates
Debt Level: senior unsecured
Issue: USD 2 bln 3.25% bond/note 19-Oct-2061
27-Jun-2024
AA-
Affirmed
Long Term Rating

Rating History
Country: United Arab Emirates
Sectors: Sovereigns
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 31424EAB8 (144A)
ISIN: US31424EAB83 (144A)
ISIN: XS2397055703 (Reg S)
Maturity Date: 19-Oct-2061
Currency: USD
Amount: 2,000,000,000
Coupon Rate: 3.25%
Placement: 144A
Issuer: United Arab Emirates
Debt Level: senior unsecured
Issue: USD 1 bln 2.88% bond/note 19-Oct-2041
27-Jun-2024
AA-
Affirmed
Long Term Rating

Rating History
Country: United Arab Emirates
Sectors: Sovereigns
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 31424EAC6 (144A)
ISIN: US31424EAC66 (144A)
ISIN: XS2397083820 (Reg S)
Maturity Date: 19-Oct-2041
Currency: USD
Amount: 1,000,000,000
Coupon Rate: 2.875%
Placement: 144A
Issuer: United Arab Emirates
Debt Level: senior unsecured
Issue: USD 1.25 bln 4.951% bond/note 7-jul-2052
27-Jun-2024
AA-
Affirmed
Long Term Rating

Rating History
Country: United Arab Emirates
Sectors: Sovereigns
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 31424EAE2 (144A)
ISIN: US31424EAE23 (144A)
ISIN: XS2492385203 (Reg S)
Maturity Date: 07-Jul-2052
Currency: USD
Amount: 1,250,000,000
Coupon Rate: 4.951%
Placement: 144A
Issuer: United Arab Emirates
Debt Level: senior unsecured
Issue: USD 1.75 bln 4.05% bond/note 07-Jul-2032
27-Jun-2024
AA-
Affirmed
Long Term Rating

Rating History
Country: United Arab Emirates
Sectors: Sovereigns
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 31424EAD4 (144A)
ISIN: US31424EAD40 (144A)
ISIN: XS2492384818 (Reg S)
Maturity Date: 07-Jul-2032
Currency: USD
Amount: 1,750,000,000
Coupon Rate: 4.05%
Placement: 144A
Issuer: United Arab Emirates
Debt Level: senior unsecured
Issue: USD 1.5 bln 4.917% bond/note 25-Sep-2033
27-Jun-2024
AA-
Affirmed
Long Term Rating

Rating History
Country: United Arab Emirates
Sectors: Sovereigns
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 909378AA9 (144A)
ISIN: US909378AA95 (144A)
ISIN: XS2684502623 (Reg S)
Maturity Date: 25-Sep-2033
Currency: USD
Amount: 1,500,000,000
Coupon Rate: 4.917%
Placement: 144A
Issuer: United Arab Emirates
Debt Level: senior unsecured
Issue: USD 1.5 bln 4.857% bond/note 02-Jul-2034
27-Jun-2024
AA-
Publish
Long Term Rating

Rating History
Country: United Arab Emirates
Sectors: Sovereigns
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: XS2850662631 (Reg S)
CUSIP: 909378AC5 (144A)
ISIN: US909378AC51 (144A)
Maturity Date: 02-Jul-2034
Currency: USD
Amount: 1,500,000,000
Coupon Rate: 4.857%
Placement: Reg S
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06Disclosures

Original Rating Date
Long Term Issuer Default Rating11-Nov-2020
Short Term Issuer Default Rating11-Nov-2020
Country Ceiling11-Nov-2020
Local Currency Long Term Issuer Default Rating11-Nov-2020
Local Currency Short Term Issuer Default Rating11-Nov-2020
Endorsement Status
EU Endorsed, UK Endorsed
Country of ֳ Office
HONG KONG, CHINA
Solicitation Status
Long Term Issuer Default RatingSolicited - Sell Side
Short Term Issuer Default RatingSolicited - Sell Side
Country CeilingSolicited - Sell Side
Local Currency Long Term Issuer Default RatingSolicited - Sell Side
Local Currency Short Term Issuer Default RatingSolicited - Sell Side
Country of Analyst
HONG KONG, CHINA

07Identifiers

Type:CUSIPCUSIPLEI
Identifier:31424E90937898450060C643D82DF808

08Criteria

24Jul
2023
Active Criteria
Country Ceiling Criteria
06Apr
2023
Expired Criteria
Sovereign Rating Criteria - Effective from 6 April 2023 to 24 October 2024
11Jul
2022
Expired Criteria
Sovereign Rating Criteria - Effective from 11 July 2022 to 6 April 2023
26Apr
2021
Expired Criteria
Sovereign Rating Criteria - Effective from 26 April 2021 to 11 April 2022
26Oct
2020
Expired Criteria
Sovereign Rating Criteria - Effective from 26 October 2020 to 26 April 2021
More Criteria

09Analysts

Cedric Julien Berry
Primary Rating Analyst

Paul Gamble
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5
Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4
Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2
Irrelevant to the entity rating but relevant to the sector.
1
Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red