Fitch rates Ras al Khaimah issue A

Fitch Ratings said it assigned RAK Capital's AED1 billion trust certificates (Sukuk) due 2013 a final senior unsecured A rating. The issue is the first under RAK Capital's certificates issuance program.

RAK Capital is a special purpose company and the issuance is considered a general obligation of the Government of Ras al Khaimah, in line with its long-term foreign- and local-currency issuer default rating of A with stable view.

The government's ratings are supported by its relatively diverse economy, rapid economic development, high per capita income and the government's prudent fiscal policy and strong balance sheet, Fitch said.

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