Fitch affirms Ras Al Khaimah

Fitch Ratings said it affirmed the Emirate of Ras Al Khaimah's long-term foreign- and local-currency issuer default ratings at A and short-term foreign-currency issuer default rating of F1. As a member of the United Arab Emirates, the emirate shares its country ceiling of AA+.

The outlook is stable.

The emirate has weathered the challenges of 2009 quite well, Fitch said, with growth intact and public finance ratios remaining better than A-rated peers.

With the budget deficit and debt ratios rising sharply since 2006, the emirate now needs to demonstrate that the projected improvement in public finances will start to materialize this year, the agency said.

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