Standard & Poor's Ratings Services yesterday affirmed its "A" long-term and "A-1" short-term sovereign credit rating of Ras Al Khaimah (RAK) as the emirate enjoys modest liabilities.
It gave a stable outlook to the emirate with the Transfer and Convertibility assessment remains "AA+".
"The ratings on RAK, the northernmost of the seven emirates that comprise the United Arab Emirates, rest primarily on ongoing support from the federal government of the UAE and the likelihood of extraordinary support in the event of financial stress," said Standard and Poor's credit analyst Farouk Soussa.
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