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Moody’s Sovereign Sukuk Primer – Sharjah (Ba1 stable)

Moody’s considers Sharjah’s (Ba1 stable) credit strength to be supported by its high per-capita income, diversified economy, and benefits associated with its membership of the United Arab Emirates (UAE, Aa2 stable) federation. Key credit challenges are a low revenue base, limited track record of fiscal policy effectiveness, a rising debt burden and low debt affordability. In 2023, debt was 52% of GDP (Exhibit 1) and revenue 9.9% of GDP, of which debt interest payments accounted for 28%. The multiyear fiscal....

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