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[You must be registered and logged in to see this link.] April 30, 2015
Exclusive - Iraq seeks credit rating before jumbo bond issue
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.
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