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Global institution expects "stable" financial situation of Iraq thanks to funding and increase oil production

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29/08/2016 (00:01 pm) - hits: 263 - number (3727)


Global institution expects "stable" financial situation of Iraq thanks to funding and increase oil production

 Baghdad/range

American Foundation for global economic research and analysis, on Sunday, keeping the credit rating of Iraq at a level (B-B) to the remote and short term respectively, is likely to be able to defeat (ISIS), achieving "financial stability" through funding and increase oil production to four million and 400 thousand barrels per day by the year 2019.

She had us S&P standard and poor Foundation for financial classification and issue of economic research and analysis, in a statement today, I followed the "range", "Iraq has granted category (B-) for the long term with the classification (B) for short term respectively,"

Noting that it "concerns the effective credit rating for foreign and local currency for Iraq with her prediction that financial stability is expected with the end or decline his battles against ISIS."

The Agency said that "predictions of financial stability in Iraq reflects the expectation that he could fill the huge fiscal deficits in local currency and difficult budget through funding", "Iraq could unexpectedly contain his battle with ISIS.

The US corporation incorporated, forecast "increase in Iraqi oil production and exports by the year 2019 to four million and 400 thousand barrels a day and three million and 600 thousand barrels, respectively, with the IMF programme to achieve gradual financial settlement in the country."

And had the appearance of Mohamed Saleh, the head of the Government's financial adviser, Haider Al-Abadi, told the (range), (24 August 2016), about a new round of talks between Iraq and the International Monetary Fund early next September, said it would focus on credit for standby arrangements five billion loan and $300 million, to support the budget, and the implementation of economic reforms and fiscal governance, tilted the possibility of taking over the second and third instalments of the loan fund of about two billion dollars at the end of the year 2016.

Standard was that Bowers, one of the largest global credit rating institutions, proved by March 2016, rated Iraq's credit at B-/B, usually the country's growth "will remain stable in the medium term because of the surge in oil production, would ease budgetary pressures.

The rating is the rating agency's opinion in evaluating creditworthiness and willingness to meet the debt of the issuer to meet current and future financial obligations in full and on time.

Much depends on the degree of the credit rating granted by rating agencies, especially for Governments and financial institutions in anticipating the risk of non-payment based on quantitative and qualitative criteria, as capital markets have become sensitive to credit ratings issued by rating agencies concerned, so that they affect the ability of companies and countries to enter the international capital markets and get the funding required, in addition,

The absence of sufficient information to make a decision to invest in buying financial instruments issued, the investor pays to resort to credit rating to measure the level of financial risks and the ability of the debtor to meet financial obligations. As to change the rating of bonds affects prices in the stock markets and global credit rating agencies uses letters to denote the quality of credit, falling under two types of credit risk level, are:

• The degree of Investment Investment Grade: it is an indicator of the degree of credit risk, take the icons (Baa, A, Aa, Aaa) for Moody, symbols (A, AA, AAA, BBB) for Agency standard & Poors and Fitch for rating. •درجه speculative Speculative Grade: a pointer to a high degree of credit risk, take the symbols (C, B, Caa, Ca, Ba) for Moody, symbols (C, CC, CCC, B, BB) for Agency standard & Poors and Fitch for rating.

Credit rating agencies add numbers or references to the right degree of classification to denote the credit quality level within each degree, where Moody adds numbers of degrees of credit rating from Aa to Caa is 1 or 2 or 3, 1 indicates the upper end within a degree classification, the number 2 on the middle of degree rankings, number 3 to the lower end within the degree classification.

While standard & poor's and Fitch agencies adds to taxonomy + or – to credit rating scores from AA to B to express the level of credit quality.

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