Fri, 05 Mar 2021 Today's Paper

S&P rates Iraq for first time

4 September 2015 06:30 pm - 0     - {{hitsCtrl.values.hits}}

A A A

AFP - American financial service company Standard & Poor’s issued war-torn Iraq a credit rating for the first time Thursday, with the country’s conflict with Islamic State militants and low oil prices giving it a junk score.
Iraq has been plagued by war and violence since the 2003 US invasion that toppled Saddam Hussein. Currently violent jihadists have taken over large parts of the country, something Standard & Poor’s took into account when it handed out its B- rating.

The country “Iraq faces security and institutional risks that are among the highest of all rated sovereigns stemming primarily from its war with ISIS,” the agency said in a press release using another acronym for IS.
S&P said in the statement that the country faces sectarian division between Shiites, Sunnis and Kurds and has “significant fiscal and external pressures.”
Those pressures stem partly from a global decline in oil prices, which have lost more than half their value since last year due to a glut of oil on the market.
S&P qualified its warnings by noting that Iraq “benefits from massive oil reserves and high oil exports.”

Rating agency Fitch also issued its first credit rating to Iraq last month, another B-.
Fitch noted the country’s lack of control of three provinces and tense relations with the Kurdish regional government.

The B- is a non-investment grade, or a speculative rating, which means many investment funds are not allow allowed to purchase such “junk” bonds.
The B- rating is an indication the bonds may only have a small assurance of interest and principal payments over a long time, and is just one step above rating levels warning that a country is vulnerable to default on its bonds.
See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Porn and Nudes: Delving into Cyber Exploitation in Sri Lanka

The images and videos are distressing. Non-consensual sharing of intimate ima

People at a loss as.... COVID vaccination programme hits a snag

The much awaited vaccination drive for Sri Lankan healthcare staff began on J

42 trees felled; Ambagamuwa PS Chairman - a law unto himself ! Unjust enrichment via natural resources

Ambagamuwa Pradesha Sabha (PS) Chairman Jayasanka Perera was allegedly accuse

The Man Behind Moves to Form the “BJP” in Sri Lanka

The flower bud is the accredited electoral symbol of the Sri Lanka Podujana P

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.