New York, July 19, 2022 — Moody’s Investors Service (“Moody’s”) has today downgraded the long-term foreign and local-currency issuer ratings and the foreign-currency senior unsecured ratings of the Government of Sharjah to Ba1 from Baa3, and changed the outlook on the issuer to stable from negative.
The downgrade to Ba1 is driven by Moody’s expectation of further significant deterioration in Sharjah’s fiscal strength over the…