RAK maintains a stable credit rating of “A” for the tenth consecutive year

RAK 26-08-2019 / WAM
The Emirate of Ras Al Khaimah has maintained a credit rating at the “A” level with stable outlook according to Fitch’s sovereign credit rating. The Agency has maintained the emirate’s rating at “A” level for the last ten years, confirming that low rates of government debt and high per capita GDP Total of the main reasons for the evaluations granted.
Fitch forecast government debt to fall below 20 percent of GDP in 2019 due to a rise in Ras Al Khaimah’s fiscal surplus, which is expected to reach 2.7 percent of GDP in the same year.
This stable financial outlook comes for several reasons, primarily the emirate’s good governance standards, as well as its diversified economic base in which the industrial and service sectors play a significant role.
The full list of Fitch Ratings for Ras Al Khaimah was as follows: – Long-term issuance of foreign currency issue at “A”; stable outlook – Long-term issuance of local currency issue at “A”; stable outlook – Short-term issuance rating of foreign currency issue at “F1 +” – Short-term issuance rating of local currency issue at “F1 +” – Sovereign rating ceiling index “AA +” – Index of unsecured foreign currency bonds issued by RAK Capital at “A” rating.