Ratings: Foreign and Local Currency: B-/Stable/B For further details see ratings list. 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. On Aug. 25, 2017, S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term foreign and local currency sovereign credit ratings
