S&P affirms Ras Al Khaimah

Standard & Poor's said it affirmed Emirate of Ras Al Khaimah's long-term sovereign credit rating at A and short-term sovereign credit rating at A-1, along with the transfer and convertibility assessment at AA+.

The outlook is stable.

The ratings on the emirate rest primarily on the intergovernmental relationships within the United Arab Emirates and the likelihood of extraordinary support in the event of financial stress, S&P said.

The ratings are underpinned by the relative wealth and diversification of the emirate's economy, with GDP per capita expected at $17,454 in 2010, in line with the A median, the agency said.

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