Fitch changes Iraq view

Fitch Ratings said it revised the outlook on Iraq's long-term foreign-currency issuer default rating to negative from stable and affirmed the issuer default rating at B-.

“The revision of the outlook to negative reflects the impact of the decline in oil prices on Iraq's public and external finances, near-term uncertainty concerning the sovereign's financing plan and limitations on policymakers' ability to respond to the fiscal crisis,” the agency said in a news release.

“The current caretaker status of the government and the backdrop of widespread protests, worsening security and greater dysfunction among political elites complicate policy responses to the shock.”

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