S&P Global has affirmed Ras Al Khaimah’s long-term and short-term credit ratings at ‘A/A-1’ with a stable outlook, citing prudent fiscal management and strong financial buffers that are expected to support economic stability over the next two to three years.
The ratings agency said the emirate’s conservative fiscal policies and solid reserves provide flexibility to navigate regional geopolitical uncertainty. It forecasts fiscal surpluses averaging around 3% of GDP between 2026 and 2029.
S&P also highlighted Ras Al Khaimah’s relatively low debt burden, with interest payments expected to remain below 5% of government revenue. The report noted that the emirate’s strong net asset position helps mitigate risks associated with contingent liabilities.
Ras Al Khaimah has maintained an ‘A-range’ credit rating since 2008 as it continues to diversify its economy across sectors including manufacturing, tourism and real estate.
Gulf Economist Staff Writer