CJpun: Hmmmm......it may be a good sign that the call is canceled today. Everytime something like this happens, I feel like they are getting co-ordinated to release.
Depaul13: IRAQ Has a Credit Rating Publisized!!! B Credit Rating!!!!
DePaul13: Bonus Question: How Can A Nation Secure A Credit Rating Internationally Without A Recognized Currency?? Answer: IT CANT!!!! It has to have a Recognized Currency Value Globally!!!
MW: DePaul.. That's what I thought as well!!!
Bozo: Does the Credit rating mean they are international? If so then where is the RV?
Bnkr: As Iraq now has an official rating, has anyone been able to find the bond pricing based on the new rating? I have not yet seen a timeline on the $5 billion international bond issue.
Rrrr: As we stand on the precipice of more financial independence than we ever deemed possible; Please absorb this: No matter how much or how little money you have, how youthful or old you are, how talented or untalented you are, how successful or unsuccessful you are, you still only have THIS moment. No Billionaire has any more or less of THIS moment. You can love it or Hate it, but you still just have THIS moment. Use it!… cherish it!… embrace it!… Live it Dinarians!
BGG: BREAKING NEWS!! Fitch gives Iraq its first credit rating!!
The ratings agency has given the country a stable outlook and a B- rating, six notches into junk.
The country is planning a $5bn bond issue towards the end of this year.
Fitch is cautious. Very cautious. It says:
Political risk and insecurity are among the highest faced by any sovereign rated by Fitch. Sectarian conflict has raged with varying intensity since 2003, ISIS militants currently effectively hold three of the 18 provinces, relations with the Kurdish regional government are volatile and governance indicators are exceptionally weak.
Iraq’s fiscal position has deteriorated rapidly since 2013 and Fitch forecasts a double-digit fiscal deficit for 2015, owing to lower oil prices, higher military spending and costs associated with civil conflict. Savings buffers built during previous years of high oil prices have been largely eroded and the deficit will be financed by debt, likely including a eurobond and funding through an IMF rapid financing instrument that was approved in July.
And if that wasn’t enough…
BGG ~ This is just a credit rating – however… I really like this line…
“Fitch Ratings has assigned Iraq a long-term foreign currency Issuer default rating (IDR) of ‘B-‘ with a stable outlook…”
The credit rating allows them to sell international bonds. On the other hand, it is a “double edged sword”… they can sell – but not for a premium (at that credit level)…which puts more pressure on Abadi to come up with other revenue. He’s having to face reality.
Maliki has to go – Alak has to go… the CBI has to “pony up…”
Alan » August 7th, 2015, 9:19 am Iraq's credit rating. It's up B.
So they are now international?
Mike100: NO!!! they are not yet. Iraq getting a credit rating is part of the monetary reform so this is HUGE news imho.
harvestime : Shouldn't we all be excited about this? I think this will cause the international bonds to sell sell sell!!!
Mike100: AGREED. Also they may have already been selling. Wink.
Alan: OK so how do they get an international credit rating without being internationally recognized?
Drdonar: Not sure how excited we should be that they got a credit rating in "deep junk territory"...
Alan: Yep their credit rating is about as good as their currency but hey at least they have one....
Alan » August 7th, 2015, 12:13 pm Rating
DEFINITION OF 'SOVEREIGN CREDIT RATING'
The credit rating of a country or sovereign entity. Sovereign credit ratings give investors insight into the level of risk associated with investing in a particular country and also include political risks.
At the request of the country, a credit rating agency will evaluate the country's economic and political environment to determine a representative credit rating.
Obtaining a good sovereign credit rating is usually essential for developing countries in order to access funding in international bond markets.
Read more: http://www.investopedia.com/terms/s/sovereign-credit-rating.asp#ixzz3i98FCo2X
Pappa-J: Guys you know what you know , confused ….don't think so …..
Let's use Abadi as an example, he stopped the taxes &tariffs why?
Simple, he is protecting the people. Instituting them was a requirement by the ptb. Iraq is being forced to cross every t and dot every I.
Iraq completed the MR task, it was approved to bring next MR steps ,so he was allowed to stop them to keep from crippling the economy any more than it already is crippled.
Iraq needs a popular strong leader they have it and do not want to damage that perception.
He stopped them ,they are in place at the flip of a switch they will be reinstituted. Be at peace!!!! Pj
Aggiedad77: This smells good....tastes good....and said better than I....thanks for sharing
Alan: Was'nt it Abadi who initiated the T and T last week. They announced the T and T had been started, it was in the news, and everyone here thought they had started. It wasent until ports started protesting that now the news comes out that the T and T are postponed.
I think they may have stared them but couldn't enforce them so to save face Abadi says "hold up were going to postpone the T and Ts.
If in fact Iraq is being so careful to cross the i's and dot the t's then why did the news of the tarriffs being implemented ever rise?
Iraq must have known they wouldn't work. They are not dumb.
PappaJ: Alan, Let me state it differently, IMO, Abadi did what was required by the powers that be, they wanted to know that their borders were going to be secured through this mechanism,
Abadi secured the borders with the T&T, once the mechanism was working he had satisfied his requirements and stopped them as Not to damage his people or his reputation through an undue financial burden until they are allowed to drop the zeros.
Remember most citizens are not as informed as you are about why things are done, they just understand how things effect their finances. pj
Thunderhawk: OMG!!!!!! THIS IS AWESOME
Iran to Have ‘Golden’ Future Due to Discovery of New Gold Reserves
Iran might literally be a hidden goldmine, after the government recently discovered over 1,200 potential gold reserves across the country, Press TV reported.
Prospectors have struck gold in the Yazd Province of Iran. It's still unknown how many tons of gold could potentially be lying underground in the province, a senior mining official said.
"After tracing possible gold-bearing zones in 21 provinces across the country, gold mines have been marked in 10 provinces," deputy head of the Geology and Mineral Discoveries Organization Behrouz Borna said, as cited by Press TV.
It's proven that Iran currently has an estimated 340 metric tons of gold reserves in 24 mines. Fifteen gold mines are currently operational, one is being equipped, and the remaining eight are not working.
With the new found gold reserves, Iran can now increase its gold production to 10 metric tons per year.
Iran's Minister of Industry, Mine and Trade Mohammadreza Nematzadeh said gold is a top priority mineral for exploration and in the future Iran can further boost its gold reserves by discovering new mines.