UAE: Sharjah gets new credit rating – bond up next? | beyondbrics:
"Socially-conservative Sharjah, the third largest economy in the United Arab Emirates, is showing a bit of leg – financially speaking.
The emirate bans alcohol and enforces a modest dress code, marking Sharjah out from its flashier neighbour, bling-tastic tourist magnet Dubai. But the education- and culture-focused emirate has stepped out, opening its books to credit agencies. Paving the way for a potential sovereign bond, Standard & Poor’s and Moody’s on Wednesday issued it long-term sovereign credit ratings of A and A3, respectively.
That puts Sharjah on a similar creditworthiness footing to Ras al-Khaimah, the UAE’s fourth largest emirate, which issued its first bond in 2009.
The UAE capital of Abu Dhabi, as well as other oil-rich Gulf states, such as Qatar, Kuwait and Saudi Arabia, enjoy higher ratings. (Unlike Abu Dhabi, the other emirates only enjoy moderate hydrocarbons revenues.)"
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