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Iraq has had its first sovereign credit rating ahead of a planned $5bn international bond. Fitch Ratings has assigned the war-torn country a long–term foreign currency issuer default rating of B- with a stable outlook, a rating which is in effect six notches below investment grade.
Fitch says that “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 [Islamic State of Iraq and Syria] militants currently hold three of the 18 provinces, relations with the Kurdish regional government are volatile and governance indicators are exceptionally weak.”
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