Moody's affirms Iraq Credit Ratings

By John Lee.

Moody's Investors Service has affirmed the Iraqi Government's long-term issuer and foreign currency senior unsecured ratings at Caa1, and maintained the stable outlook.

It notes Iraq's exceptionally high reliance on oil, and "very weak institutions and governance", while adding that ongoing discussions with the IMF indicate a possibility of a supported adjustment program.

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(Source: Moody's Investors Service)

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