Sun 25-08-2019 18:28 PM
RAS AL KHAIMAH, 25th August, 2019 (WAM) — Ras Al Khaimah has had its ‘A’ rating with a Stable Outlook affirmed by global agency Fitch Ratings.
Fitch has maintained Ras Al Khaimah’s ‘A’ rating for more than 10 years and the agency highlighted the Emirate’s low and declining Government debt burden and high GDP per capita as key ratings drivers.
Fitch expects “the debt of the Government to fall to below 20 percent of GDP in 2019,” which is, “well below the ‘A’ category median,” based on sustained fiscal surpluses. The ratings agency forecasts a fiscal surplus of 2.7 percent of GDP in 2019.
This robust fiscal outlook is underpinned by prudent management as well as “a relatively diversified economy dominated by manufacturing and services,” the agency added.