S&P rates Ras Al Khaimah A

Standard & Poor's said it assigned A long-term and A-1 short-term foreign- and local-currency sovereign credit ratings to the emirate of Ras Al Khaimah.

The outlook is stable.

S&P said ratings reflect ongoing support from the federal government of the United Arab Emirates.

Ratings are underpinned by relatively strong wealth, growth prospects and an overhaul of economic strategy resulting in more investment and diversification of the economic base, the agency said.

Ratings are constrained by the size of the economy, which limits its debt sustaining capacity, S&P said, as well as by exposure to economic developments in the larger emirates and the region as a whole. A collapse in regional demand could follow a global real estate correction, a sharp fall in oil prices, or a conflict between Iran and the United States or Israel over Iran's nuclear program, the agency added.

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