Fitch says emirate's economy recovered well from the global and regional crisis
Thursday, April 05, 2012
Fitch Ratings has affirmed Ras al Khaimah's (RAK) Long-term foreign and local currency Issuer Default Ratings (IDR) at 'A' with Stable Outlooks. The Short-term foreign currency IDR is affirmed at 'F1'. The Country Ceiling is 'AA+' (equal to the UAE Country Ceiling).
"Ras al Khaimah continues to make steady progress reducing an already modest debt burden, executing a focused development strategy, and improving data quality to track progress," said Richard Fox, Head of Middle East and Africa Sovereign Ratings at Fitch.
"Debt is edging down closer to 20 per cent of GDP and the economy has recovered well from the global and regional crisis, showing an impressive ability to diversify markets and attract foreign investment."
Public finances and macroeconomic performance are the main rating drivers for RAK.
© Emirates 24|7 2012
