Post From Wealthwatch.world Chat Room 8-7-15
Wealthwatch Late Night Chat 8-7-15 Part 2 of 2
chattels: ‹@BOBBY› Zebari and/or the oil minister ( Mahdi ? )have said $ 75 since the inception of the budget i believe
chattels: Iraq's Oil Minister Adil Abdul Mahdi
Butifldrm: ‹@chattels› I have no idea who brought forth this was their first credit rating lol
Butifldrm: ‹@chattels› and so has the international community
chattels: " Fitch gives Iraq its first credit rating ", "“Fitch Ratings has assigned Iraq a long-term foreign currency Issuer default rating (IDR) of ‘B-‘ with a stable outlook…”
Butifldrm: 8/31/2013 0:00 His enemy experts currently indicator well reflects the situation of General country BAGHDAD Mustafa al-Hashimi called Economists government economic agencies in the country to the need to speed up the resolution of the subject of Iraq's credit rating because of its great importance in attracting foreign investment and give the right economic perceptions to the investing companies as well as being one of the most Reform factors in the banking sector. According to economist d.
The appearance of Mohammed Saleh, the classification of Iraq's credit now, although he did not officially yet determined, he is at a temperature of B- returned him a good indicator and reason for optimism, noting that he could be the country rating credit through bonds sold in international markets, because the presence of a credit rating, and that was low , is better than no rating Asasa.oeetm rating of the world credit ladder classification consists of four grades are A, B, C and D as well as variables that represent signal the + or - different Petkrarat.
He stressed Saleh told (morning) the importance that Iraq begins now negotiate for the purpose Ranked credit because the subject vital and contemporary and is useful for re-performance of the Iraqi banking sector engineering and development for the completion of its functions in the economic development service, a kind of development banking industry and the banks to work for the purpose of applying this system to keep pace with progress in the rest of the Arab banks, including the World.
The The first round of Finance and Trade Conference was launched in June of last year, during which Iraq to encourage investors to come to Iraq and Ranked credit agreed in order to be able to give credit to foreign investors, as well as the importance that Iraq goes in this category to give guarantees in investor opportunities and confidence to calling in their capital.
Butifldrm: Saleh said earlier that the credit rating is through the public debt and the issuance of treasury transfers or government bonds, particularly in international markets, or those bonds sold outside Iraq except for support one Qaeidah Iraq versus the private sector debt under the Paris Club agreement
Adding when the bonds were sold at the time it was sold at a price of about 60 cents, and prices rose to 90 cents and this has become a case rated automatically within the countries that have rated within degree B- and Iraq had.
He pointed to the existence of additional factors that should be exploited to achieve credit rating and raising the degree and the most important exit Iraq from Chapter VII and the entry of a number of foreign companies in addition to the high financial liquidity available.
In the same context, said a banking expert at the Ministry of Finance d. Hilal Taan that the responsibility for providing for Iraq's credit rating is the responsibility of the Central Bank of Iraq, pointing out that the current credit rating is the result of a reflection of the political and economic situation of Bld.
ocd Taan told (morning) that Iraq had in the seventies and eighties of the last century rated credit high but no one to disclose the degree classification at the time being contrary to the laws and regulations of the system
Alsabak.odaa to the need for government action to raise this level to score best because it will contribute to attract investment and give extra confidence to investors and foreign companies for the purpose of coming to Iraq and the immediate return of the infrastructure reconstruction to Therefore, it is important in the advancement of the country's economic levels
Kavh.mn on his part, said the economic academic d. Essam Mahouelle that it is necessary for Iraq to sovereign credit from international credit rating agencies rating (CRAs) and application necessary to improve the degree of classification policies to become within the investment grade, which contributes to the increase of state r
chattels: ‹@Butifldrm› Is there a difference between a " credit rating " and " a long-term foreign currency Issuer default rating (IDR) " ???????????
Butifldrm: ‹@chattels› now that I have no idea
chattels: ‹@BOBBY› I think so
Fit2beFit: "Iraq its first credit rating", its FIRST, doesn't seem bad, for not even being totally organized yet
Butifldrm: The importance of the credit rating has to do with the amount of interest Iraq would have to repay for the bonds
tourman: ‹@chattels› maybe this helps www.fitchratings.com/jsp/...
tourman: ‹@Fit2beFit› evidently the issuers find value in Iraq... lol
Butifldrm: here's the link for the above article
Butifldrm: www.alsabaah.iq/ArticleSh... http://www.alsabaah.iq/ArticleShow.aspx?ID=53119
Fit2beFit: ‹@tourman› Correct, better then a C or D to start off
tourman: ‹@Fit2beFit› tru dat my friend
tourman: i think that b- rating has oil dripping from it
chattels: ‹@tourman› I do not see a B - ?
Fit2beFit: It seems they are staying strict to Iraq, which if they thought they were going NO WHERE anytime soon, they wouldn't be so strict
tourman: ‹@chattels› i didnt either
Fit2beFit: Thye would just d them
tourman: 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.
Fit2beFit: Fitch says Iraq at risk of default, rates it B–
Fit2beFit: Fitch says Iraq at risk of default, rates it B–
tourman: maybe the "minus" rating is in these words
chattels: in any event the verbiage of the report does not " match " better than a " C ", IMO, but what do i know, eh ?
tourman: Ratings assigned by Fitch Ratings articulate an opinion on discrete and specific areas of risk. The above list is not exhaustive, and is provided for the reader's convenience. Readers are requested to review the section Understanding Credit Ratings — Limitations and Usage for further information on the limitations of the agency's ratings.
chattels: it is increasingly apparent to me that everyone is going to believe what they want to believe even reading the same information
Fit2beFit: ‹@chattels› well then how do you know that then it doesnt match better then an A for iraq
tourman: ‹@chattels› agreed counselor
chattels: ‹@Fit2beFit› i don't know, thus my " IMO " was added
BOBBY: so with that statement...... where do we find truth?
tourman: on this subject it is beyond my paygrade i believe
Butifldrm: guys Iraq has been at a B- credit rating for years
tourman: ‹@Butifldrm› by Fitch?
Butifldrm: They have failed to improve this status , not by only their fault
Butifldrm: ‹@tourman› absolutely
Butifldrm: there are more credit rating agencies
tourman: obviously Fitch sees improvement in the political and economic stability and made those thought public again
Butifldrm: as a the Reuters artcile stated
Butifldrm: ‹@tourman› no they don't
Butifldrm: or they would have improved the credit rating
tourman: i will have to re-read Fitches statements again
Butifldrm: I posted article from 2013 that iraq was rated at a B_
BOBBY: Butifldrm...... my opinion for whats it worth is they have a ways to go....... where do you stand on it?
tourman: so I guess the question is why is this making a fuss around dinar land?
Butifldrm: ‹@BOBBY› first they have to deal with ISIS and the corruption
BOBBY: i agree
tourman: if its been known they have been at this rating for awhile, its a moot point
Butifldrm: ‹@tourman› the fuss is about nothing
tipsyterror: I still need the RV to hold off long enough to recoup a little of my lost reserves...
Butifldrm: some people need to do more research
tourman: i shant bother with this subject anymore
BOBBY: tourman...... its already getting twisted around
tourman: ‹@tipsyterror› sorry to hear that :sad:
Butifldrm: ‹@tourman› there is an importance here
tourman: to what end may i ask
Butifldrm: Iraq has been trying to improve their rating andhave not scuceeded
tourman: a swing and a miss
tourman: but this could change in the following months maybe eh?
Butifldrm: sorry having problems with chat typing
BOBBY: Butifldrm..... with domestic oil lines and iran s lines i dont see 80 dollars a barrel
Butifldrm: ‹@tourman› yes but first corruptionhas to be dealt with IMO
Butifldrm: ‹@BOBBY› WE may not see that in 2 years
BOBBY: been welding pipelines for a long time
tourman: ‹@Butifldrm› which they are supposedly dealing with
BOBBY: Butifldrm..... thanks for your views on the subject
Butifldrm: ‹@tourman› we are seeing massive protests i Iraq about the corrupt
Butifldrm: the clerics are coming out and issuing demands upon the government
Butifldrm: they have shut the gates to the green zone it's that bad
Butifldrm: abadi has pledged reforms
BOBBY: what good will demands do if there is mass corruption
Butifldrm: Maliki needs to be drawn and Quartered
tourman: i can only imagine.... those poor peeps have been neglected and tossed to the roadside for too long.
Butifldrm: there has to be an example for Rule of Law
tourman: M will get his.... its only a matter of time...
Butifldrm: if not corruption will continue
tourman: ‹@Butifldrm› agreed... Going to sleep... night all...
Butifldrm: The CBI still keeps pumping the money to control the exchange rate which drains their reserves along with capital flight and corruption, it's not a good scenario right now
Butifldrm: good night guys me tooooo