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.

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