Fitch Ratings has affirmed the Emirate of Ras al Khaimah's (Rak) Long-term foreign and local currency Issuer Default Ratings (IDR) at 'A' with Stable Outlooks. The Short-term foreign currency IDR is affirmed at 'F1'. The Country Ceiling is 'AA+' (equal to the UAE Country Ceiling).
"Ras al Khaimah has significantly bolstered its creditworthiness over the past year," says Richard Fox, Head of Middle East and Africa Sovereign Ratings at Fitch. "The budget has moved back into surplus, debt has begun to decline and the debt maturity profile has benefited from proactive debt refinancing."
Fitch judges Rak's public finances to be a key strength of its credit profile. Figures are on a public sector-wide basis, including all major state-owned enterprises (SOEs). Budget and balance sheet data are now available quarterly, marking a significant improvement in data provision over the past year. In 2009, Rak was adversely affected by the global financial crisis, particularly via its impact on Dubai - an important market.
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