Dubai – Mubasher: The Standard & Poor’s (S&P) downgraded its rating on Sharjah to BBB+/A-2, with a “Stable” outlook, according to a statement.
The outlook reflects the agency’s expectation that the economy will grow by about 5% on average in nominal terms between 2017-2010.
The outlook also reflects expectations that the emirate will take steps to remain on track toward reducing its budgetary deficits, including reducing capital spending.
Sheikh Sultan bin Mohammed Al Qasimi, member of the Federal Supreme Council and ruler of Sharjah, approved a budget of AED 22 billion for 2017.
