The 5.5 per cent growth expected to be achieved by Ras Al Khaimah this year has prompted Standard & Poor's to assign it a A/A-1 ratinge.
Standard & Poor's Ratings Services yesterday affirmed its long- and short-term ‘A/A-1' foreign and local currency sovereign credit ratings for the emirate.
"The outlook is stable. The transfer and convertibility assessment on RAK is ‘AA+'," S&P said in a statement. "We believe that membership of the UAE benefits RAK's economic and political stability, and that the UAE would provide external support in situations of political, economic, or financial stress."
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