Ratings Talks With Moody’s, Fitch Ahead Of Debt Sales
Economy, Business And Markets

Ratings Talks With Moody’s, Fitch Ahead Of Debt Sales

Iran is in talks with Moody’s Investors Service and Fitch Ratings about restarting sovereign credit ratings for the oil-rich state, Iran's Economy Minister Ali Tayyebnia said.
"The government is negotiating with both companies," Tayyebnia said in an interview at a conference on Islamic finance in Tehran, without giving a timeline for the talks or a prospective Iranian debt sale on overseas markets, Bloomberg reported.
International sanctions on Iran deprived the country of foreign debt and financial markets for much of the past decade. After the bulk of restrictions were lifted following Iran’s nuclear deal with world powers, the government is making up for lost time, seeking to win back its oil market share and attract billions of dollars of overseas investment to fund infrastructure projects.
Fitch withdrew its B+ sovereign rating, the fourth-highest junk grade, for Iran in 2008 following the maturity and full repayment of its last sovereign Eurobond that year. Moody’s withdrew its B2 rating on Iran in 2002, according to data compiled by Bloomberg.
“In March, Fitch confirmed it was in discussions with Iran, but we will not be commenting in further specific detail about the potential for or timing of new ratings at this time,” Fitch Ratings said in an emailed response to questions. Moody’s declined to comment.
Iran’s government is also encouraging companies to issue debt at home.
"Domestic bond sales are expected to double this year," Rouhollah Hosseini Moghaddam, vice president for issues and members at Tehran Stock Exchange, said in an interview last month.
"Thirty new offerings with a combined value of $10 billion are expected by March 2017," he said, compared with eight sales worth a total of $5 billion in the last Iranian year.
The Oil Ministry is looking into an international bond to fund oil and gas projects, state-run National Iranian Oil Company said last week. Doing so would require reviving ties with Fitch, a process that would probably take about eight months, the Oil Ministry’s Shana news agency cited NIOC’s deputy investment and financing director, Ali Kardor, as saying.

Short URL : http://goo.gl/5elC7d
  1. http://goo.gl/0Ea9tn
  • http://goo.gl/w98U6B
  • http://goo.gl/sEhPYC
  • http://goo.gl/7pX4GP
  • http://goo.gl/62ukLd

You can also read ...

Apple Moves to Store iCloud Keys in China
When Apple Inc begins hosting Chinese users’ iCloud accounts...
Continued Action to Improve the Situation With FATF
Following the Financial Action Task Force’s latest decision,...
Total residential deals registered during the 11 months to Feb. 19 equaled 168,933, which indicate an increase of 12.8% compared with the same period last year.
The total number of housing deals in Tehran reached 18,400...
Iran-Denmark Trade Tops 11% in 2017
Iran exported close to €10 million worth of commodities to...
Decoding Iran’s High Savings Trend
In a sample of 25-odd developing countries that make up...
Iranian Knowledge-Based Firm to Produce Anesthesia Machines
A knowledge-based company located in Pardis Technology Park...
Business Delegation to Visit Albania, Macedonia
An Iranian business delegation led by Chairman of Iran Chamber...
IME Trade Value at  All-Time High
Trade value at Iran Mercantile Exchange hit 1.03 quadrillion...