S&P shifts Sharjah view to negative

S&P said it revised the outlook for Sharjah to negative from stable and affirmed the BBB long-term rating.

“The negative outlook reflects heightened economic, fiscal, and external risks, related to the Covid-19 pandemic and recent oil price crash. We believe that the economic contraction in 2020 and risks to recovery in 2021 could weigh on Sharjah's fiscal position, and that it is exposed to external pressures affecting the UAE,” said S&P in a press release.

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