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Standard & Poor's confirms Iraq's credit rating

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Rocky


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Standard & Poor's confirms Iraq's credit rating



26 August 2017 11:30 p
BAGHDAD (Reuters) - Standard & Poor's has confirmed its credit rating to Iraq at B- / B with a stable outlook, with expectations that oil production cuts will affect economic growth in 2017 .
The agency attributed the stable outlook to expectations of continued budget control efforts in the next few years .
The classification received support from Iraqi oil production concentrated in areas under the firm control of the federal government .
Iraq needs external funding to fill a large budget deficit as falling oil prices since 2014 and the slow pace of fiscal reforms the country badly needs to inflate the deficit to 25 trillion dinars ($ 21.44 billion) for 2017 .

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