UAE- S&P’s rating for RAK’s sovereign credit at ‘A/A-1’
07 Dec 2011
(MENAFN) Standard & Poor’s issued a media statement rating the foreign and local currency sovereign credit ratings of the emirate of Ras Al Khaimah (RAK) at ‘A/A-1’, reported Emirates 24/7.
The statement added that S&P estimates RAK’s total debt at 24.1 percent of GDP in the current year. S&P added that the UAE has the financial capacity to cover for such liabilities.
As for the emirate’s GDP per capita, S&P estimated it at USD21,897.
S&P predicted RAK to declare a consolidated government surplus of 6 per cent of GDP in 2011.