Ras al-Khaimah seeks rating

15 November 2007
Ras al-Khaimah is the latest emirate to seek a credit rating in anticipation of launching an Islamic bond, following the lead of both Abu Dhabi and Dubai.

Ratings agency Fitch is understood to have been courted for the rating along with at least one of the other two main international rating firms.

Currently, the Ras al-Khaimah Investment Authority (Rakia) is on an investor roadshow for a dollar-denominated sukuk issue of $500 million, which could also involve the fund being rated.

Dubai is understood to have had discussions with ratings agencies Fitch and Standard & Poor’s about acquiring its rating.

Standard & Poor’s has since ceased working on the rating, while Fitch will present its assessment to the government.

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