UAE seeks sovereign debt rating this year

The United Arab Emirates’ (UAE) Finance Ministry said the country would set up a debt management office and seek a sovereign debt rating this year, but added that there was no need to issue federal bonds in the near term, Reuters reported on Tuesday citing an official of the UAE’s Finance Ministry.

“We want to be rated. It all depends on what we’ll be agreeing with the central bank,” Reuters quoted Younis Haji Al Khoori, the Under Secretary of the ministry as saying.

Al Khoori however added that adding no rating agency had been appointed yet.

“There is no immediate need for issuance of federal bonds,” he said.