S&P rates Sharjah sukuk notes BBB+

S&P said it assigned its preliminary BBB+ issue rating to the proposed sukuk trust certificates issued by the Emirate of Sharjah (foreign currency: BBB+/stable/A-2) via Sharjah Sukuk Programme Ltd.

The proposed trust certificates will rank pari passu with all other outstanding unsecured and unsubordinated obligations.

The agency said the preliminary issue rating on the proposed trust certificates reflects the rating on Sharjah, because the transaction fulfils conditions for rating sukuk at the same level as the rating on its sponsor.

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