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 ...

The number of new apartments built in 12 old districts of Tehran leaped by 56% compared with the corresponding period of last year.
Top construction companies in Iran are mostly known for...
Iran’s Dairy Industry Booming, as Exports Expand
The Iranian dairy industry is beginning to expand, as dairy...
Amid Tensions With America, Businesses Flock to Iran
Right now, the US is doing the rest of the world a big favor...
Post Company Also Spots Profit in E-Market
The state-owned Iran Post Company is looking for a slice of...
Butter Imports From 6 Countries
More than 13,900 tons of butter worth 2.13 trillion rials ($65...
A total of 26.6% of the households were without an employed member; 56.4% had one employed member; 14.2% had two employed members; and 2.8% had three or more jobholders.
The average Iranian household living in urban area spent more...
Int’l Glass Expo Scheduled
The First International Exhibition of Glass and Related...
Bounced Checks Down 5.6%
Iranian banks returned 1.5 million checks worth 130.6 trillion...