S&P Maintains Iraq's Credit Rating

By John Lee.

Iraq maintains its credit rating at -B/B with a stable outlook, and an emphasis on financial and economic stability, according to a report from Standard & Poor's.

The Ministry of Finance says the new classification was a reflection of the policy of continuous economic and financial reforms pursued by the Ministry, in addition to maintaining a level of foreign currency reserves that exceeds the external public debt service and the fulfillment of other external financial obligations as a result of the rise in crude oil prices.

While the agency's report indicated the possibility of improving the credit rating of Iraq in the event of a high rate of economic growth, diversification of the general financial revenues of the oil and non-oil state, an increase in the per capita share of national income, and the continuation of financial and economic policy reform procedures.

(Source: Ministry of Finance)

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