| Foreign assets held by Abu Dhabi's sovereign wealth fund are estimated to be at least $300bn, making it the second strongest rated in the world after Kuwait, Fitch Ratings has said. The rating agency said the emirate's $300bn assets compared to direct sovereign external debt of just $3bn after the maturing of a $1bn Eurobond earlier this year.
The calculations come as Fitch affirmed Abu Dhabi's long-term foreign and local currency issuer default ratings at 'AA' with a stable outlook. It added that the emirate's foreign assets are estimated to have risen again in 2011, despite a dip in investment returns, as the general government budget moved further into surplus, despite a substantial spending increase...............................................Full Article: Source
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