GULF WEEKLY: Moody’s negative on Bahrain, S&P affirms Sharjah, QP might issue $10bn
A skimmable summary overlaid with our analysis and links. Headlines:
* Moody’s put Bahrain on negative outlook and sees debt rising to 140% of GDP by 2023.
* S&P affirmed Sharjah but sharply cut its fiscal outlook, with debt up to 63% of GDP by 2024.
* Its update on RAK was more positive, with the emirate expected to maintain fiscal surpluses.
* MBS made significant policy announcements, including a future VAT cut, in a TV interview.
* Dubai property prices recorded their first y/y gain since 2015.
* Qatar achieved a small fiscal surplus in Q1, and QP plans to issue up to $10bn in bonds.
* Abu Dhabi Ports issued a $1bn debut bond, and Oman’s OQ issued $750m.
* Mubadala plans to invest $1bn in an Israeli gas company.
* Kuwait’s political crisis dragged on, and parliament was adjourned for two weeks.
* JCPOA talks continued but Iran’s foreign minister faced backlash from leaked comments.
* OPEC+ maintained its production schedule to July, reporting 115% compliance in March.
* Palestinian elections were postponed, as Hamas looked likely to win, which could spark violence.
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