Fitch Ratings gave the emirate of Abu Dhabi its highest credit rating in the Middle East , setting the stage for a possible sale of bonds by the government of world's sixth largest oil exporter.

The 'AA' rating, a notch above Kuwait, is the first for a member of the UAE federation, which exports about 2.5 million barrels of crude per day. Abu Dhabi, the largest emirate, accounts for almost all the UAE's output.

'Fitch regards it appropriate to treat Abu Dhabi as an essentially sovereign entity,' the rating agency said in a statement.

'In per capita terms, proven oil reserves are by far the largest in the world, as is oil production, underpinning per capita income that exceeds that of many more highly rated sovereigns,' it said.

The UAE government does not issue debt. A company owned by the government of Dubai, the second largest emirate, got a credit rating in January and sold $2.46 billion of bonds that month.

'All the emirates are seeking credit ratings as part of their efforts to develop financial markets. Abu Dhabi is creating a benchmark,' said Richard Fox, head of Fitch's Middle East and Africa sovereign rating team, said. Reuters