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03 June 2023

S&P and Fitch assign ‘A’ to RAK

By Staff Writer


The UAE’s northern emirate Ras Al Khaimah has been assigned sovereign credit ratings by international credit rating Standard & Poor’s and Fitch Ratings.

S&P assigned RAK its long-term foreign and local currency sovereign credit rating of ‘A’. Fitch also assigned its ‘A’ foreign and local currency sovereign credit rating to RAK. The rating outlook of both S&P and Fitch is stable.

The rating exercise for RAK was led by the Investment and Development Office (IDO) of the Government of Ras Al Khaimah.
Standard Chartered Bank (SCB), as the ratings advisor to the government, worked closely with IDO in the rating exercise.

“The strong credit ratings from S&P and Fitch are independent votes of confidence in the economic programme and fiscal position of Ras Al Khaimah”, said Mohammed Sultan Al Qadi, CEO of IDO.

“Among the crucial credit strengths that RAK possesses are its stable political environment, robust economic fundamentals, healthy external finance, significant fiscal discipline and flexibility, competitive key industries and strong public sector.”

“The economy of Ras Al Khaimah has registered impressive growth over the past five years, underpinned by sound financial policies, structural reforms and government-led investments.

“RAK has posted a cumulative average growth rate (CAGR) of more than 50 per cent in operational surpluses since Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, ascended the reign of the Emirate in 2003.”