...OVERVIEW We expect cuts to oil output to weigh on Iraq's growth in 2017. Real GDP growth + will remain subdued in 2017-2020 because of lower investment in the oil sector, fiscal austerity, and the volatile political and security environment. We are affirming our 'B-/B' long- and short-term foreign and local currency + sovereign credit ratings on Iraq. The stable outlook reflects our expectation that fiscal consolidation will + continue over the next few years, while economic growth prospects will be subdued owing to domestic political tensions and constrained government spending. RATING ACTION On Aug. 25, 2017, S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term foreign and local currency sovereign credit ratings on the Republic of Iraq. The outlook is stable. OUTLOOK The stable outlook reflects our expectation that fiscal consolidation will continue over the next few years, while economic growth prospects remain subdued because of the consolidation measures and domestic political...
