S&P reaffirms Iraq's B-/B rating

Standard & Poor's agency has reaffirmed Iraq's sovereign rating at "B-/B," with a negative outlook due to the risks of conflict in the Middle East, including the potential for disruptions in trade routes through the Strait of Hormuz and damage to infrastructure. Iraqi oil production is expected to reach an average of 2.9 million barrels per day in 2026, a decline of approximately 28% from 2025, which could significantly impact revenues and the economy, as it is projected that GDP will contract by 15% this year.

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