Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Moody’s gives stable outlook for Iraqi government


Recommended Posts

Moody’s gives stable outlook for Iraqi government

 

The ratings agency said that positive developments balance the country’s shaky political and economic position

 

LeAnne Graves

August 4, 2017

Updated: August 4, 2017 03:19 PM

 
Iraq has seen some positive developments, but its heavy reliance on oil revenues has caused a sharp slowdown in growth. Agence France-Presse  

Moody’s Investor Service assigned a Caa1 long-term issuer rating with a stable outlook to the government of Iraq.

The ratings agency said that the stable outlook reflected the balance struck between recent positive developments, such as security forces and support from the international community, and political and economic fragility. “Nevertheless, the political situation remains fragile and will do so for some time,” Moody’s said.

Iraq’s proven oil reserves were 153 billion barrels, the fifth largest in the world, according to BP Statistical Review of World Energy. The supply glut has weighed down prices to around US$50 a barrel despite Opec’s efforts to curb the lull in oil prices. This places added pressure on Iraq as it relies on hydrocarbon revenues to the tune of 90 per cent of government revenues and nearly 100 per cent of exports.

According to the latest data, oil accounts for about 50% of nominal GDP, nearly 100% of exports, and around 90% of government revenues. However, because oil extraction is a capital-intensive industry, it is not particularly important for employment, with only 1% of total employment in the sector.

Moody’s said that the volatile oil market has caused a sharp slowdown in the country’s growth this year. “We are currently forecasting a 0.4 per cent contraction in growth in the economy, and looking ahead, growth between now and 2022 is likely to slow,” the ratings agency said. “After a growth rebound of 2.9% for 2018, the IMF is forecasting that real GDP growth will be between 1.7% and 2.1% through 2022.”

Iraq’s deficit for last year was larger than targeted, 14.1 per cent of GDP versus 10.9 per cent. The IMF expects a large 9 percentage point deficit reduction this year, but that is almost entirely dependent on increases in oil revenue.

Moody’s said that the government has significant reserves totaling around $40 billion, which will provide a fiscal buffer for when other sources of funding are constrained.

Moody’s also gave a Caa1 senior unsecured rating to the country’s bond issuance as well as a B3 long-term local and foreign currency bond ceilings and Caa2 local and foreign currency deposit ceilings.

  • Upvote 7
Link to comment
Share on other sites

Rating Action: 
Moody's assigns Caa1 issuer rating to the Government of Iraq; outlook stable




Global Credit Research - 03 Aug 2017

London, 03 August 2017 -- Moody's Investors Service, ("Moody's") has today assigned a Caa1 long-term issuer rating to the Government of Iraq; the outlook is stable. Moody's has also assigned a (P)Caa1 senior unsecured rating to the country's bond issuance. The rating was initiated by Moody's Investors Service and was not requested by the rated entity.

Concurrently, Moody's has assigned B3 long-term local currency and foreign currency bond ceilings. It has also assigned Caa2 long-term local currency and foreign currency deposit ceilings.

RATINGS RATIONALE

The Caa1 rating is driven by four key factors:

1. Iraq has a relatively large economy that is endowed with very substantial oil wealth, but which suffers from highly volatile growth due to its lack of economic diversification.

2. The country's institutional strength is very low, as reflected in its weak governance indicators and transparency.

3. It has moderate fiscal fundamentals, with a debt burden that is expected to stabilise at around 60% of GDP, but with an overwhelming dependence on oil revenues.

4. Iraq's susceptibility to event risk is very high, against the backdrop of some of the highest political risks in Moody's rated universe.

The stable outlook balances the positive security developments and the support from the international community against the still-fragile political situation and fiscal consolidation challenges that the government faces.

MODERATE ECONOMIC STRENGTH

Iraq is oil rich and has significant potential for economic development and growth. According to the BP Statistical Review of World Energy, Iraq's proven oil reserves were 153 billion barrels, the fifth-largest in the world, equivalent to 9.0% of global proven reserves at the end of 2016.

According to the latest data, oil accounts for about 50% of nominal GDP, nearly 100% of exports, and around 90% of government revenues. However, because oil extraction is a capital-intensive industry, it is not particularly important for employment, with only 1% of total employment in the sector.

Real GDP growth is highly volatile and is likely to be weaker going forward than it has been in the past. It has remained quite strong in spite of the war with Da'esh and the government's fiscal consolidation efforts that caused non-oil GDP to contract by 1% year-on-year in the first half. Robust oil production was able to pick up the slack. and the IMF has reported real GDP growth of 11.0% for 2016.

However, developments in the oil industry as well as base effects have caused a sharp slowdown in growth in 2017, and we are currently forecasting a 0.4% contraction in growth in the economy. And looking ahead, growth between now and 2022 is likely to slow. After a growth rebound of 2.9% for 2018, the IMF is forecasting that real GDP growth will be between 1.7% and 2.1% through 2022.

VERY LOW INSTITUTIONAL STRENGTH

Iraq has some of the weakest Worldwide Governance Indicator scores in Moody's rated universe. Corruption is endemic and contributes to deep-seated dissatisfaction with the government and, ultimately, undermines the country's political stability and hence policy effectiveness.

Policy effectiveness is accordingly mixed. According to the 2004 Central Bank of Iraq (CBI) law, the central bank is independent from the government. The CBI's primary objectives are domestic price stability and a stable and competitive market-based financial system. The CBI has ostensibly been successful in reducing inflation rates to low levels in recent years.

However, performance under the Stand-by Arrangement (SBA) with the IMF has been mixed, raising broader questions about governance and policy effectiveness. Further fiscal adjustment will be required to keep the programme on track. Public financial management is a particular area of weakness for Iraq and is, therefore, a key component of the SBA targets.

Iraqi data also have significant shortcomings relative to what we see in other rated sovereigns. While detailed monthly oil sector data are available, the analysis of the non-oil sector is hampered by the lack of high-frequency activity indicators and quarterly expenditure-side national accounts data. Quarterly balance of payments data is only available with very significant lags.

MODERATE FISCAL STRENGTH

The decline in oil prices in recent years caused a very material deterioration in Iraq's fiscal position. The government faces funding constraints even with the SBA. The deficit for 2016 as a whole was much larger than targeted—14.1% of GDP versus a 10.9% of GDP target. The IMF anticipates a very large 9 percentage point deficit reduction in 2017 that is almost entirely dependent on oil revenue increases.

Set against that, the government has very significant reserves that total around US$40 billion, which provide it with a fiscal buffer for when other sources of funding are constrained.

Headline fiscal numbers may not fully capture the country's true vulnerabilities. The large state-owned sector implies the potential for sizeable contingent liabilities to crystallise on the government's balance sheet, though a detailed quantification is challenging due to data availability constraints.

VERY HIGH SUSCEPTIBILITY TO EVENT RISK

Political and security risks are very high, driven by underlying ethnic and sectarian tensions, and by Iraq's location within an unstable region. Even if dissolution or disintegration of the country is unlikely, the combination of domestic and geopolitical risks affects the government's capacity to service its debt, which weights very heavily on Iraq's rating.

Notwithstanding the Iraqi army's recent successes in the campaign against Da'esh, Iraq still faces very significant domestic and geopolitical challenges that stand in the way of a lasting and significant improvement in the security situation. Moreover, we expect regional tensions within Iraq, particularly with regard to the Kurdish region, to be an ongoing source of domestic political risk.

While political event risks dominate Moody's assessment, the banking sector, which is dominated by weak state-owned banks, poses a further source of contingent liabilities.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects that balance between recent positive developments and the fragility of the country's overall political, economic, and fiscal position. On the positive side, security developments have reduced political risks somewhat, though they still remain very significant. Moreover, the support from the international community gives Iraq an opportunity to bolster the country's macroeconomic, institutional, fiscal, and balance of payments position. Nevertheless, the political situation remains fragile and will do so for some time. Moreover, the government faces significant fiscal consolidation challenges that are a notable focus of the SBA.

WHAT COULD MOVE THE RATING UP/DOWN

The rating could move up should political and geopolitical tensions reduce significantly in a way that is likely to be sustainable over the medium term. Positive rating pressure would also build with successful implementation of the SBA, particularly with regard to fiscal targets. Over the longer term, greater economic and fiscal diversification that reduces the government's and the economy's dependence on oil would also be credit positive.

Conversely, a further intensification of domestic political tensions or increase in violence would put downward pressure on the rating. The rating would also come under negative pressure should budget deficits and government debt fail to decrease in line with our current expectations.

GDP per capita (PPP basis, US$): 17,721 (2016 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 10.1% (2016 Estimate) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): -1.0% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -8.3% (2016 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: -7.2% (2016 Actual) (also known as External Balance)

External debt/GDP: 58.5% (2016 Actual)

Level of economic development: Moderate level of economic resilience

Default history: At least one default event (on bonds and/or loans) has been recorded since 1983.

On 02 August 2017, a rating committee was called to discuss the rating of the Iraq, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have materially decreased. The issuer's institutional strength/ framework, have not materially changed. The issuer has become increasingly susceptible to event risks.

The principal methodology used in these ratings was Sovereign Bond Ratings published in December 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Sarah Carlson
Senior Vice President
Sovereign Risk Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Yves Lemay
MD - Sovereign Risk
Sovereign Risk Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

© 2017 Moody’s Corporation, Mo

https://www.moodys.com/research/Moodys-assigns-Caa1-issuer-rating-to-the-Government-of-Iraq--PR_370893?WT.mc_id=AM~WWFob29fRmluYW5jZV9TQ
  • Upvote 3
Link to comment
Share on other sites

This isn't definitely a move in the right direction. I wondered if the successful bond issuance would move the needle and it did. I was hoping for something in the A range but Caa1 is definitely a step in the right direction. The fact that Moody's did it without solicitation from the Iraqi government is very telling. It feels like they want to bump Iraq's rating into investment grade as soon as possible but it is up to Iraq to perform accordingly before that can happen. Be on the lookout for more bond issuances in the future to satisfy some of the budget shortfalls for financing the reconstruction efforts and to take advantage of the high demand for these bonds. Because of the demand they were able to lower the yield 25 basis points which means they are paying less to borrow the money from investors. 

Come on Iraq, we're all pulling for you!

  • Upvote 8
Link to comment
Share on other sites

And another. Thanks Englishman

 

Iraqi oil wealth not enough for broad economic growth

Moody's Investors Service gives Iraq its third-lowest rating because of corruption and political risks.
 
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Aug. 4, 2017 at 6:59 AM
 
 
Iraqi-oil-wealth-not-enough-for-broad-economic-growth.jpg
 
 
 
Moody's gives Iraq its third-lowest rating, saying political risks and lack of diversity offset is oil wealth. Photo by cherezoff/Shutterstock
 
 

Aug. 4 (UPI) -- Corruption and internal political rifts could be factors weighing on the economy of OPEC-member Iraq, a report from Moody's Investors Service said.

Moody's gave Iraq a Caa rating, its third lowest. Entities rated Caa are exposed to "very high" credit risks. The report, emailed to UPI on Friday, found Iraq was well-endowed with oil wealth, but lacks economic growth opportunities from other sectors.

Iraq is a member of the Organization of Petroleum Exporting Countries and party, albeit reluctantly, to a multilateral effort to stem production in order to balance an oversupplied market for crude oil. According to secondary sources reporting to OPEC, production in June, the last full month for which data are available, was 4.5 million barrels per day, an increase of more than a half million barrels from the previous month.

Oil represents half of its gross domestic product, nearly all of its exports and accounts for 90 percent of government revenue. Because it's a capital-intensive industry, however, oil extraction accounts for only 1 percent of total employment in the Iraqi energy sector, Moody's found.

"Real GDP growth is highly volatile and is likely to be weaker going forward than it has been in the past," the report read.

The overall economy is robust, but non-oil GDP contracted by 1 percent during the first half of the year. Moody's said it expected the economy in Iraq will contract by 0.4 percent and continue its slow down at least through 2022.

"Moreover, we expect regional tensions within Iraq, particularly with regard to the Kurdish region, to be an ongoing source of domestic political risk," the report read.

A referendum for Kurdish independence from Iraq is set for Sept. 25. A spokesperson for the Kurdish government, Safeen Dizayee, told a delegation in London last month the referendum would correct past mistakes from Baghdad, including budgetary issues related to oil and entitlements for some of the Kurdish fighters supporting broader counter-terrorism efforts.

"The combination of domestic and geopolitical risks affects the government's capacity to service its debt, which weights very heavily on Iraq's rating," Moody's report read.

https://www.upi.com/Energy-News/2017/08/04/Iraqi-oil-wealth-not-enough-for-broad-economic-growth/7231501843358/?utm_source=sec&utm_campaign=sl&utm_medium=1

 

  • Upvote 4
Link to comment
Share on other sites

1 hour ago, mr.unlikely said:

This isn't definitely a move in the right direction. I wondered if the successful bond issuance would move the needle and it did. I was hoping for something in the A range but Caa1 is definitely a step in the right direction. The fact that Moody's did it without solicitation from the Iraqi government is very telling. It feels like they want to bump Iraq's rating into investment grade as soon as possible but it is up to Iraq to perform accordingly before that can happen. Be on the lookout for more bond issuances in the future to satisfy some of the budget shortfalls for financing the reconstruction efforts and to take advantage of the high demand for these bonds. Because of the demand they were able to lower the yield 25 basis points which means they are paying less to borrow the money from investors. 

Come on Iraq, we're all pulling for you!

 

Maybe this is, in some way, drawing a chalk line on the sidewalk - as a starting point to measure where they go from here.  In the financial world, there has to be a "measure" in order to declare success or failure.

 

  • Upvote 4
Link to comment
Share on other sites

9 minutes ago, fnbplanet said:

 

Maybe this is, in some way, drawing a chalk line on the sidewalk - as a starting point to measure where they go from here.  In the financial world, there has to be a "measure" in order to declare success or failure.

 

GM fnbplanet AND DV. :D:twothumbs::bump:

  • Upvote 1
Link to comment
Share on other sites

Moody's.  Caa1

  stable

 

  Aug 03 2017

 

Hmm...next ones in March

2 hours ago, dinareffic said:

rating could move up should political and geopolitical tensions reduce significantly in a way that is likely to be sustainable over the medium term.

Increase the rate of exchange, continue private sector economic growth and development along with reconstructing liberated areas...and watch your political and geopolitical tensions between who ever dissipate instantaneous through the next 3/6 months.... just my take... looking through credit ratings then looking at those countries rates of exchange...I'm starting to think the two don't truly coincide with each other like I once believed...

  • Upvote 3
Link to comment
Share on other sites

Thinking about this a little more after my brain wakes up, I'm starting to think they would want them international and with a rate before a grade A credit rating...see investors are thinking that this is the window of opportunity...they are about to open the doors to the world...given some time to invest low...and profit high...after a few months...

  • Upvote 8
Link to comment
Share on other sites

11 hours ago, fnbplanet said:

 

Maybe this is, in some way, drawing a chalk line on the sidewalk - as a starting point to measure where they go from here.  In the financial world, there has to be a "measure" in order to declare success or failure.

 

Fnbplanet I meant to say this is definitely a move in the right direction. Friggen spell checker!

  • Upvote 2
Link to comment
Share on other sites

7 hours ago, Botzwana said:

https://en.wikipedia.org/wiki/List_of_countries_by_credit_rating

 

 

Iraq´s credit rating is more stable than Italy, Jordan, Romania and others.  What was the Jordan´s currency worth?  MORE than Iraq....So let´s all relax.

 

 

 

7 hours ago, Botzwana said:

https://en.wikipedia.org/wiki/List_of_countries_by_credit_rating

 

 

Iraq´s credit rating is more stable than Italy, Jordan, Romania and others.  What was the Jordan´s currency worth?  MORE than Iraq....So let´s all relax.

 

 

I believe the Jordanian dinar act similarly to Iraq's dinar. It hasn't moved much in forever.

Link to comment
Share on other sites

1579.jpg
Moody's sets Iraqi bond rating at cca1 with a stable outlook
 
 

Economy News Baghdad:

Moody's has rated the rating of Iraqi government bonds at cca1 with a stable outlook.

"The Iraqi economy is large and has a very large oil wealth, but it is suffering from very volatile growth due to its lack of economic diversification," Moody's said.

"The institutional strength of the country is very low, as evidenced by weak governance and transparency indicators," Moody's said.

The agency predicted that "the debt burden will stabilize at 60% of GDP, but with a huge dependence on oil revenues."

Moody's said, "Developments in the oil industry and its main effects have caused a sharp slowdown in growth in 2017, while expected a contraction of 0.4% in the growth of the economy."

According to the agency, "is likely to slow the growth of the Iraqi economy now until 2022."

 

Views 21   Date Added 08/05/2017

  • Upvote 2
Link to comment
Share on other sites

Rating Action: 

Moody's assigns provisional rating of (P)Caa1 to Government of Iraq's USD bond issuance; Outlook stable

 
Global Credit Research - 20 Sep 2015. ( please note date) 

 

Frankfurt am Main, September 20, 2015 -- Moody's Investors Service (Moody's) has today assigned a provisional rating of (P)Caa1 to Government of Iraq's planned USD-bond issuance with a stable outlook. The rating was initiated by Moody's Investors Service and was not requested by the rated entity. It is being assigned ahead of planned issuance of USD-denominated debt by the Iraqi government in the United States under Rule 144A. Moody's expects to remove the provisional status of the rating upon the closing of the proposed issuance and a review of its final terms...............

https://www.moodys.com/research/Moodys-assigns-provisional-rating-of-PCaa1-to-Government-of-Iraqs--PR_334915

 

 

So, I suppose the economy has improved enough since 2015 that Moody's feel ok moving from a provisional rate to an actual rate?? How in heck could the economy have been considered "stable" in 2015. 

  • Upvote 3
Link to comment
Share on other sites

4 minutes ago, Bama Girl said:
Rating Action: 

Moody's assigns provisional rating of (P)Caa1 to Government of Iraq's USD bond issuance; Outlook stable

 
Global Credit Research - 20 Sep 2015. ( please note date) 

 

Frankfurt am Main, September 20, 2015 -- Moody's Investors Service (Moody's) has today assigned a provisional rating of (P)Caa1 to Government of Iraq's planned USD-bond issuance with a stable outlook. The rating was initiated by Moody's Investors Service and was not requested by the rated entity. It is being assigned ahead of planned issuance of USD-denominated debt by the Iraqi government in the United States under Rule 144A. Moody's expects to remove the provisional status of the rating upon the closing of the proposed issuance and a review of its final terms...............

https://www.moodys.com/research/Moodys-assigns-provisional-rating-of-PCaa1-to-Government-of-Iraqs--PR_334915

 

 

So, I suppose the economy has improved enough since 2015 that Moody's feel ok moving from a provisional rate to an actual rate?? How in heck could the economy have been considered "stable" in 2015. 

 

Good dang question. 

  • Upvote 1
Link to comment
Share on other sites

After the Tigris .. Euphrates another sovereign international support for Iraq in the global capital market

Editorial date: 2017/8/5 17:04  62 times read
After the Tigris .. Euphrates another sovereign international support for Iraq in the global capital market
{Iraq: Al-Furat News} Iraq issued an external sovereign bond in the name of {Euphrates} in the global capital market after the first bond in the name of {Tigris}.
A statement by the Prime Minister's Advisor for Financial Affairs, the appearance of Mohammed Saleh received the agency {Euphrates News} a copy of it today, "Iraq issued on Wednesday, 2 August 2017 an international sovereign bond bearing the name of {Euphrates} the duration of the bond is 5 years and the interest rate is 6.75% six months ". 
Saleh added, "Sindh was classified by Fitch for credit rating B, and the number of international investment companies that submitted for the purchase and competed with about 350 global investment companies with investment facts more than $ 12 trillion and have applied for the purchase of Sword Euphrates approached $ 6 trillion oversubscribed, including the Abu Dhabi Investment Fund, the Arab Monetary Fund and the California Education Fund, one of the wealthiest funds in the US West Coast and the world. " 
He said "
 
  • Upvote 2
Link to comment
Share on other sites

2 hours ago, Bama Girl said:

So, I suppose the economy has improved enough since 2015 that Moody's feel ok moving from a provisional rate to an actual rate?? How in heck could the economy have been considered "stable" in 2015. 

 

Great Catch, Bama Girl!

 

I could not believe the Caa1 rating when I saw it in the recent articles. I anticipated a better score than S&P or Fitch with all the phenomenal improvements over 2015.

 

The 6.75% interest bonds were way over sold by a factor of nominally 6 times. With Ireland's announcement of what they intend to do with the acquired bonds seems to indicate explosive economic growth in Iraq in the short to near term.

 

Maybe the Moody rating article from 2015 is a reprint/misleading print to throw speculators off.

 

This is only a thought and thought only.

 

Adam indicated he would post in VIP about a recent IMF article after he talks with a contact. He seemed to indicate he would do this yesterday and I haven't seen it or may have overlooked it.

 

If nothing else, these appear to be extremely positive and exciting times!

 

Go Moola Nova!

:pirateship:

  • Upvote 9
Link to comment
Share on other sites

I hope you're right, Synopsis. It's possible that due to all the reconstruction needed, and all of the money and resources coming from outside the country instead of hiring from within to rebuild, Moody's took that as a sign of high risk. After all, those contracts come with invoices that must be paid.

 

However, there are so many other positive signs, it's also easy to believe this could be a point of misdirection. Perhaps it was arranged this way not only to throw speculators off, but to give Iraq a chance to lowball the reconstruction contracts and gain more "donations" (as they did with one country--forgive me, I can't recall which one off the top of my head, but I know I read an article not long ago where some other country was "donating" a significant amount to rebuilding Mosul or something like that) while they continue to organize the RV?

  • Upvote 2
Link to comment
Share on other sites

31 minutes ago, RJ45 said:

all of the money and resources coming from outside the country instead of hiring from within to rebuild, Moody's took that as a sign of high risk. After all, those contracts come with invoices that must be paid.

I'm with you, but on this I was thinking you have to create debt and repay those to increase tryout credit rating the ability to pay back, maybe a great step using outside sources to help rebuild at this time, and one has to think much was probably destroyed, so how can you rebuild fast with nothing...outsourcing... but all in all this is awesome news and spectacular timing if you guys ask me. Good days DV

  • Upvote 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.