Mubasher: S&P Global Ratings has confirmed its long- and short-term foreign and local currency sovereign credit ratings on Sharjah a “BBB+” and “A-2”, respectively, according to a report on Friday, Gulf News said.
The rating agency added that Sharjah’s outlook was affirmed as “Stable” and reflected its expectation that Sharjah’s economy will grow steadily at about 2% over 2018-2021, Gulf News added.
S&P noted that the UAE government will continue to reduce its fiscal deficits.
Despite a low revenue base, the ratings are backed by Sharjah’s relatively strong fiscal position and the advantages that Sharjah derives from its membership in the UAE, including low external risks, Gulf News said.
According to S&P, the economy is highly varied when compared to those of other sovereigns in the region.
