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Ras Al Khaimah achieves 'stable' credit rating

26/02/2010 -
Ras Al Khaimah achieves 'stable' credit rating

Posted by Bob Brunskill

Standard & Poor's ratings services has affirmed its 'A' long-term and 'A-1' short-term sovereign credit ratings on Ras Al Khaimah (RAK), adding that the outlook for the emirate is stable.

The ratings on the emirate rest primarily on the intergovernmental relationships within the United Arab Emirates (UAE) and the likelihood of extraordinary support in the event of financial difficulties.

Standard & Poor noted that individual emirates, including RAK, have limited expenditure obligations that are primarily related to local infrastructure, capital spending to develop emirate-level projects and funding to service debts.

"In our opinion, the financial capacity of the UAE and the larger emirates, in particular Abu Dhabi, is ample to cover RAK's modest liabilities," it said.

The ratings agency also suggested that RAK's growth prospects "appear robust", observing that the overhaul of economic strategy since the appointment of Sheikh Saud bin Saqr al-Qasimi as Crown Prince in 2003 had resulted in a substantial rise in investment and a diversification of the emirate's economic base.

This week, Ras Al Khaimah Investment Authority announced that the infrastructure work on Al Marjan Island, the first man-made island in Ras Al Khaimah, is progressing at a good pace.
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