UAE: Sharjah and RAK downgraded by S&P

GULF COUNTRIES - Report 26 Oct 2020 by Justin Alexander

* The downgrades were to record lows of A- (RAK) and BBB- (Sharjah).

* The Covid crisis has harmed the activity they rely on to generate fees and tax revenue.

* RAK runs surpluses and has more liquid assets than debt.

* Sharjah has a large structural deficit relative to its revenue and sizeable contingent liabilities.

* They receive social services and some infrastructure from the federal government.

* Both also benefit from an assumed backstop from Abu Dhabi, if ever needed.

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