Moody's assigns provisional Baa2 to #Sharjah's GMTN Programme | ZAWYA MENA Edition

Moody's assigns provisional Baa2 to Sharjah's GMTN Programme | ZAWYA MENA Edition:

Moody's Investors Service has assigned a provisional rating of Baa2 to the Government of Sharjah's Global Medium Term Note (GMTN) Programme.

The Baa2 rating on the emirate’s proposed GMTN programme mirrors the Government of Sharjah's long-term issuer rating (Baa2), with a stable outlook.

“The stable outlook on the issuer rating is supported by Sharjah's relatively diversified economy, low external vulnerability risks and a credible currency peg afforded by membership in the federation of the UAE, ample funding sources, and high-income levels contributing to shock absorption capacity.”

It is also indicating a degree of resiliency at the current rating level despite pressures on creditworthiness globally associated with the coronavirus shock, according to Moody’s.