22/07/2018 08:04 AST

S&P Global Ratings affirmed its “BBB+/A-2” long- and short-term foreign and local currency sovereign credit ratings on the Emirate of Sharjah on Friday. The outlook is stable.

S&P said the stable outlook reflects its expectation that Sharjah’s economy will grow steadily, at about 2 per cent over 2018-2021, and that the government will continue reducing its fiscal deficits.

S&P said the ratings are supported by Sharjah’s relatively strong fiscal position, despite a low revenue base, and the advantages that Sharjah derives from its membership in the UAE, including low external risks. According to S&P, the country’s economy is highly diverse compared with those of other sovereigns in the region.


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