Standard & Poor's Ratings Services has affirmed its 'A' long-term and 'A-1' short-term sovereign credit ratings on the emirate of Ras Al Khaimah, with 'stable' outlook. 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 rating agency said. "Moreover, RAK's growth prospects appear robust, with the overhaul of economic strategy since the appointment of Sheikh Saud bin Saqr al-Qasimi as Crown Prince in 2003 resulting in a substantial rise in investment and diversification of the economic base."