Fitch Ratings has assigned the Emirate of Ras Al Khaimah's (RAK) ('A'/Stable/'F1') two recent yen bond issues a Long-term 'A' rating, reports Global Arab Network according to a press release.
The bonds - JPY10bn 3.77% maturing in 2040 and JPY5bn 3.58% maturing in 2030 - can be called by the issuer after 10 years.
The bond issues should be seen in the context of RAK's current debt reduction and debt management strategy. This new issuance will be partly used to replace more expensive debt, including debt of other public sector entities guaranteed by RAK.
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