S&P Global maintains RAK’s credit rating with a ‘stable’ outlook

International credit ratings agency Standard & Poor's (S&P) Global on Tuesday upheld Ras Al Khaimah’s rating at ‘A/A-1’ with a ‘stable’ outlook, maintaining the same rating from the previous cycle.

- Somshankar Bandyopadhyay [e-mail]

US-based S&P Global, one of the ‘Big Three’ credit-ratings agencies, stated that the emirate’s stable outlook reflected the agency’s expectation that Ras Al Khaimah’s economic growth and fiscal position will remain strong over the forecast period.

The report cited the “ongoing tourism and infrastructure projects” across Ras Al Khaimah as a key factor that will support economic growth, while also forecasting that “strong performance in tourism, real estate, manufacturing and mining [will] support the growth trajectory”.

The international credit ratings agency estimates Ras Al Khaimah’s economic growth will accelerate to just above 4 per cent by 2027-2028, from an estimated 3.5 per cent in 2024, whereas GDP per capita is set to strengthen to about USD32,600 by 2028.