RAS AL KHAIMAH — Ras Al Khaimah has had its ‘A’ rating with a Stable Outlook affirmed by global agency Fitch Ratings.

Fitch has maintained Ras Al Khaimah’s ‘A’ rating for more than 10 years and the agency highlighted the Emirate’s low and declining Government debt burden and high GDP per capita as key ratings drivers.

Fitch expects “the debt of the Government to fall to below 20% of GDP in 2019,” which is, “well below the 'A' category median,” based on sustained fiscal surpluses. The ratings agency forecasts a fiscal surplus of 2.7% of GDP in 2019.

This robust fiscal outlook is underpinned by prudent management as well as “a relatively diversified economy dominated by manufacturing and services”.

The full list of Fitch ratings for Ras Al Khaimah is as follows: Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable. Long-Term Local-Currency IDR affirmed at 'A'; Outlook Stable. Short-Term Foreign-Currency IDR affirmed at 'F1+'. Short-Term Local-Currency IDR affirmed at 'F1+'. Country Ceiling affirmed at 'AA+'. Issue ratings on RAK Capital's senior-unsecured foreign-currency bonds affirmed at 'A'. — SG