Fitch Ratings changed on Wednesday 24 March 2021 Iraq’s sovereign credit rating outlook to stable from negative and affirmed the debt grade at B-, citing a smaller-than-expected decline in foreign reserves and materially higher oil prices relative to its baseline in April 2020, when the negative outlook was assigned. The agency added that policymaking remains hamstrung by political-economy dynamics, although an 18.5% devaluation of the Iraqi dinar and government approval of a white paper on fiscal and economic reforms indicate some potential for measures to place Iraq's finances on a more sustainable footing. Standard & Poor's credit rating for Iraq stands at B- with stable outlook. Moody's credit rating for Iraq was last set at Caa1 with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Iraq thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Iraq as reported by major credit rating agencies.