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SNFASyndicat National de la Construction des Fenêtres, Façades et Activités Associées (French: National Union of the Construction of Windows, Facades, and Associated Activities)
SNFASovereign Net Foreign Assets (economics)
SNFASwedish National Food Administration
SNFASalmon Net Fishing Association (UK)
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It also predicts that sovereign net foreign assets will become a negative eight per cent of GDP in 2020, from an asset position of seven per cent of GDP in 2018.
- External finances: +1 notch, to reflect the large size of sovereign net foreign assets, largely held as international reserves and the strong net external creditor position.
Abu Dhabi's fiscal break-even oil price is among the lowest for Fitch-rated oil producers, estimated at slightly above $60/bbl, and its fiscal and external positions are among the strongest, with sovereign net foreign assets estimated at 281 per cent of GDP last year, and government debt at just eight per cent of GDP.
"We estimate that sovereign net foreign assets reserves plus other government assets less external debt were $236 billion (141 percent of GDP) in 2017, down from $250 billion in 2016 but still far above most 'AA' and 'A' peers.
With estimated sovereign net foreign assets at around 500per cent of GDP, it also has the largest fiscal and external buffers.
Sovereign net foreign assets were at an estimated 282% of GDP in 2016, and government debt was 3.6% of GDP.
In Fitch's view, Kazakhstan's strong sovereign balance sheet - sovereign net foreign assets (SNFA) exceed 40% of GDP and gross general government debt (GGGD) is less than 15% of GDP - affords it considerable room for manoeuvre, without unduly compromising sovereign creditworthiness.
Sovereign net foreign assets have declined since reaching an all-time high of around 114 percent of GDP at end-August and are expected to be drawn down over 2015 and 2016.
Sovereign net foreign assets are estimated to have increased to 178 per cent of GDP at-end 2013, from 151 per cent of GDP one year earlier, sufficient to cover five years of government spending.
Fitch estimates that sovereign net foreign assets rose to 200% of GDP at end-2013, the strongest of all rated sovereigns, and the net creditor position rose to 44% of GDP.
Sovereign net foreign assets of an estimated 167 per cent of GDP are therefore second only to Kuwait.
Sovereign net foreign assets were $539 billion (124 percent of GDP) as of December 2010, allowing the government to easily finance unforeseen deficits from deposits.