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Moody's lowers Sharjah’s ratings; outlook stable

Moody's lowers Sharjah’s ratings; outlook stable
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UAE – Mubasher: Moody's Investors Service recently downgraded the long-term foreign and local-currency issuer ratings as well as the foreign-currency senior unsecured ratings of Sharjah government to ‘Ba1’ from ‘Baa3’.

The rating agency also changed the outlook of the emirate to stable from negative.

Moody's attributed the ‘Ba1’ rating to deterioration in Sharjah's fiscal strength over the coming few years, highlighting the absence of an adjustment plan that would cover the debt burden.

Meanwhile, the stable outlook reflects the rating agency’s projection that risks to the emirate’s ratings would be balanced at the ‘Ba1’ level.