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Iraq receives first credit rating before the version planned for bonds
2015/08/08
Baghdad/...
Iraq won the first of his credit rating for sovereign versions on Friday which is sought before a planned international bond issue worth five billion dollars aimed at easing the pressure of falling oil prices on public finances of the State.
And chooses Fitch rating B_ with a stable Outlook for Iraq less than six degrees of investment classification and attributed this to political risk and insecurity that she most risks faced by any sovereign entity have rated ataemania of Fitch.
Fitch also forecast a double-digit deficit of the public finance of Iraq in 2015 due to the drop in oil prices and increased military spending and costs associated with efforts to combat international Islamic organization in North and West of the country.
And Finance Minister Hoshyar Zebari said earlier this year that Iraq planned to sell international bonds for the first time in nine years. This could help get credit ratings to persuade managers of hedge funds and global banks to buy bonds.
In a step toward greater investor confidence the Bank said last month it would provide Iraq with a total value of loans of $ 1.7 billion and the IMF reached an agreement on the loan programme worth 833 million dollars.
As the fifth-largest holder of oil reserves in the world, Iraq could become an attractive investment for some investors. Oil contributes 40 percent of Iraq's gross domestic product (GDP) and more than 90 percent of fiscal revenues and foreign transactions.
She said, Fitch Ratings said in a statement that "production costs low. Most of the facilities and infrastructure of oil production far from insecure areas. "
And contribute to the recovery of oil prices to improve the fiscal position of the Government. Fitch expects a slight shortfall by 2017. Finished/25
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2015/08/08
Baghdad/...
Iraq won the first of his credit rating for sovereign versions on Friday which is sought before a planned international bond issue worth five billion dollars aimed at easing the pressure of falling oil prices on public finances of the State.
And chooses Fitch rating B_ with a stable Outlook for Iraq less than six degrees of investment classification and attributed this to political risk and insecurity that she most risks faced by any sovereign entity have rated ataemania of Fitch.
Fitch also forecast a double-digit deficit of the public finance of Iraq in 2015 due to the drop in oil prices and increased military spending and costs associated with efforts to combat international Islamic organization in North and West of the country.
And Finance Minister Hoshyar Zebari said earlier this year that Iraq planned to sell international bonds for the first time in nine years. This could help get credit ratings to persuade managers of hedge funds and global banks to buy bonds.
In a step toward greater investor confidence the Bank said last month it would provide Iraq with a total value of loans of $ 1.7 billion and the IMF reached an agreement on the loan programme worth 833 million dollars.
As the fifth-largest holder of oil reserves in the world, Iraq could become an attractive investment for some investors. Oil contributes 40 percent of Iraq's gross domestic product (GDP) and more than 90 percent of fiscal revenues and foreign transactions.
She said, Fitch Ratings said in a statement that "production costs low. Most of the facilities and infrastructure of oil production far from insecure areas. "
And contribute to the recovery of oil prices to improve the fiscal position of the Government. Fitch expects a slight shortfall by 2017. Finished/25
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