S&P revises Ras Al Khaimah view to negative

S&P said it revised to negative from stable its outlook on Ras Al Khaimah and affirmed the long-term foreign and local currency sovereign credit ratings at A.

“The negative outlook reflects our view of heightened economic, fiscal, and external risks related to the Covid-19 pandemic and recent oil price crash. We believe that the economic contraction in 2020 and the risks to recovery in 2021 could weigh on RAK's real per capita income growth and put pressure on its fiscal position,” said S&P in a press release.

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