Abu Dhabi – Mubasher: Standard & Poor's Ratings Services affirmed its 'A/A-1' long- and short-term foreign and local currency sovereign credit ratings on the emirate of Ras Al-Khaimah, with a ‘Stable’ outlook.

“The ratings on RAK are supported by relatively robust economic growth prospects, fuelled by RAK's supply of materials to building and infrastructure projects in the GCC region and some diversification of export markets,” said the global ratings agency.

It added that the emirate’s economy also has little direct reliance on oil and that the government has a strong balance sheet.

“We anticipate that, under certain circumstances, RAK would receive extraordinary financial support from the UAE, although we do not expect that the need will arise,” said S&P.

 According to S&P, the emirate’s economy grew strongly in 2014, reflecting solid demand from the neighbouring emirates of Dubai and Abu Dhabi, but also from the wider GCC and, increasingly, India.