Abu Dhabi sees biggest easing of Q3 sovereign debt risk

Abu Dhabi witnessed the largest easing of sovereign debt risk in the world during the third quarter of 2009, according to data tracked by Credit Market Analysis (CMA).

Abu Dhabi, Morocco, Bahrain, Saudi Arabia and Bulgaria saw the best performance in easing of risk while Greece, China, Japan, Spain and Italy were the worst five performers during the period.

Dubai was also among the leaders of the best performers list as its credit default swap (CDS) fell more than 44 percent during the quarter, Emirates Business reported on Sunday.

While Abu Dhabi's five-year CDS risk has fallen 60 percent, Dubai still figures on the list of the seven riskiest sovereign debts, with Ukraine top, according to the paper which cited the CMA report.

Norway was judged by CMA as the safest sovereign debt, with Finland, United States and Germany filling the top four spots on the list.

Abu Dhabi has seen a series of bond issues in the past few months as big names such as Aldar, Taqa, Tourism and Investment Development Company, National Bank of Abu Dhabi and ADCB successfully concluded their bond issue, the paper added.

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