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CNN. Broadcasting While Getting The Jump On Luigi ! Stage3Alpha: Exclusive - Iraq seeks credit rating before jumbo bond issue Posted by gg4 on April 30, 2015 at 8:00am By Hadeel Al Sayegh DUBAI (Reuters) - Iraq plans to obtain a sovereign credit rating and is approaching rating agencies as it prepares for a jumbo $5 billion (£3.2 billion) bond issue needed to cover a budget deficit caused by low oil prices, its finance minister said on Thursday. "We started the process," Hoshiyar Zebari told Reuters by telephone. "The banks are also trying to help us in that direction.” .... Iraq has said it will issue $5 billion of debt in its first international bond sale for nine years. Its need for cash is acute; the government has projected a budget deficit of about $25 billion this year, in a budget of roughly $100 billion. Obtaining a credit rating from a major agency, which Iraq currently lacks, could help to persuade global fund managers and banks to subscribe to the issue. Zebari said Iraq was trying to approach two or three rating agencies, which he did not name. It has been discussing its bond issue plan with Citibank and Deutsche Bank. The process of obtaining a credit rating could be a delicate one for Iraq, requiring it to open its books to the agencies and disclose new information on its finances. Zebari did not say when he expected the process to be completed. Iraq's huge oil reserves in its southern fields, which have not been touched by the Islamic State insurgency, are expected to draw buyers to its bonds. But many fund managers think it would struggle to sell $5 billion in a short space of time, even with generous pricing. Asked if $5 billion was too ambitious, Zebari said: "We have in the budget a commitment to issue $6 billion. So this is the low - this is how we plan to cover our deficit. But there’s no way we can do it in one tranche.” Iraq has an outstanding U.S. dollar bond maturing in 2028 <462652AA6=>; panic selling late last year as oil prices plunged pushed its yield to a record high of 10.49 percent from around 7.2 percent in September, but it has since dropped back to 8.04 percent. Iraqi five-year credit default swaps , used to insure against any sovereign default, are at 539 basis points, near their highest levels since late 2009. In addition to the international bond issue, Iraq has introduced or is planning other fiscal measures including a local currency bond issue to banks, taxes on some consumer goods and public wage cuts. It has also been considering whether to ask for aid from the International Monetary Fund. http://www.reuters.com/article/2015/04/30/us-iraq-debt-ratings-idUSKBN0NL1AX20150430 ********** Awake-in-3D > gg4 April 30, 2015 at 8:29am Been waiting for the credit rating of Iraq. When a bond is purchased it is a loan to the one issuing the bond - hence the need for Iraq to have an international credit rating (just like personal FICO scores). ************************************* B Squared: Here is an enlightening treatise on the status of Iraq with excellent historical background: http://www.loc.gov/law/help/legal-history/iraq.php Chillimac: IF IRAQ IS ABOUT TO RELEASE BONDS AS RUETERS HAS SUGESTED, SO THEY CAN GET A CREDIT RATING, ???? WOULD YOU NOT THINK THAT THEY HAVE A RATE WORTHY OF A CREDIT RATING? CANT GET THAT ON A PENNY SALARY...... AND WHEN TONY /DC SAID ITS HERE..... I THINK THEY MENT IT IS AT THE BANKS, WAITING TO BE RELEASED TO US.... .JMO : PRAYING THEY RELEASE IT TO US TODAY : AMEN ************ Already Blessed: YOU GUYS NEED TO STOP HEARING STUFF ELSEWHERE AND THEN ASKING US TO VERIFY....IF SOMETHING HAD CHANGED WITH MALIKI...TONY AND DC WOULD HAVE TOLD YOU....HE HAS NOT BEEN A PROBLEM AND IS NOT A PROBLEM..... SECURITY FOR ABADI AND SHABIBI HAS BEEN IN PLACE FOR A VERY LONG TIME....AND THEY ARE WELL AWARE OF WHAT THEY NEED TO DO 99.9 % OF 'ADMIRAL' SIGHITINGS ARE SHEER POPPYC@CK... BIGFOOT HAS BEEN SIGHTED IN RENO AND PROBABLY IS ONE OF THE PAYMASTERS FROM ADMIRALS GROUP...ONCE BIGFOOT SLIDES HIS CARD OR PUNCHES IN THE CODE ON HIS IPHONE...WE WILL ALL BE ABLE TO GO….LOL WONDER HOW MANY SITES WILL RUN THE BIGFOOT INFO NOW? SHOULDN'T TAKE LONG TO GET AROUND? Starchild: wait, Bigfoot is the Admiral? Texan1: AB bigfoot is an alien. R u saying the RV is controled by aliens? Already Blessed: YES TEXAN....THE ALIENS ARE NOW IN CHARGE OF THE UNIVERSE AND CONTROL THE RV Texan1: Cant wait to c that on recaps Already Blessed: DC HAS NOT CHANGED HIS LEVEL OF EXCITEMENT...THE 5 DAY WINDOW STILL HOLDS...TONY TOLD YOU THAT IF ANYTHING CHANGES...HE WILL LET YOU KNOW *****************************
