The global credit rating agency downgrades sovereign Iraq because of “Daash”
The global credit rating agency downgrades sovereign Iraq because of “Daash”
Friday 04 September 2015 – 02:50
The credit rating agency “Standard & Poor’s” has announced that it has on Thursday, September 3 / September classifies the sovereign debt of Iraq and awarded him the degree of “B-” because of the conflict with al Daash terrorist. The agency said in a statement that “Iraq is facing renewed risks to the security and institutional level”, noting that these risks are “the highest among all sovereign countries being evaluated, especially because of its war with al Daash.” The agency also alluded to “the budget and external pressures resulting therefrom because of lower oil prices in the second half of last year.” Oil prices have fallen more than half since the month of June 2014, especially because of the large-scale production of the Organization of Petroleum Exporting Countries “OPEC”. However, “S & P” he indicated that Iraq has huge reserves and has substantial oil exports, thereby reducing the concerns in this area, so attached to the agency classified prospects stable, saying that the country’s growth will remain steady in the medium term due to the significant rise in oil production, which will ease the budget pressure. The agency “Fitch” credit rating issued early August / August last for the first time an assessment of Iraq and gave him the same degree “B-“, The third International Agency “Moody’s” has not yet classified the religion of the country. Source: AFP
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