By John Lee.
Standard & Poor's (S&P) has affirmed Iraq's credit rating at B-/B with a stable outlook.
According to Iraq's Ministry of Finance, the report highlights Iraq's financial and economic stability, driven by ongoing economic and fiscal reforms implemented by the Ministry.
It adds that the stable rating reflects Iraq's strong foreign currency reserves, which exceed its external public debt, and its ability to meet external financial obligations, supported by stable crude oil prices.
S&P noted that Iraq's credit rating could improve if economic growth accelerates, public revenue diversifies beyond oil, per capita income increases, and fiscal and economic policy reforms continue.
(Source: Ministry of Finance)
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