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Sunday, 7 August 2016

S&P concern over Sharjah as agency changes outlook to negative | The National

S&P concern over Sharjah as agency changes outlook to negative | The National:

"Sharjah’s economic strains and rising government budget deficit worry the credit rating agency Standard & Poor’s, which yesterday changed its outlook to negative and warned it could downgrade the emirate’s debt rating.

Despite the warning, the agency reaffirmed Sharjah’s current long and short-term debt ratings at A and A1, respectively, citing strong support it receives as a member of the UAE federation.


Although Sharjah has a relatively diverse economy and is not directly dependent on oil and gas, S&P cited its exposure to oil-dependent neighbours as the main reason for slower growth."



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