Fitch credit rating agency:
Maintaining Iraq's rating at B- with a stable outlook.
Our baseline scenario assumes that a viable agreement is reached in one form or another that would lead to the reopening of the Strait of Hormuz by the first quarter of 2027.
The total expenditure is expected to decrease as the authorities adjust to the decrease in revenues in light of the limited flexibility available to reduce expenditure.
A renewed escalation of hostilities related to the Iran war cannot be ruled out later in 2027 or later.