Milliondays Newstime 4/30/15 Part 1
Millionday: LET ME SAY FIRST THAT WE ARE SPENDING OUR TIME IN NEWS TRYING TO LOOK FOR AS MANY PUZZLE PIECES AS WE CAN FIND AND ALSO TRYING TO UNDERSTAND HOW THEY FIT TOGETHER
Millionday: NOTE -- THERE HAS BEEN TALK OF CREDIT RATINGS FOR IRAQ (WHICH WE WILL LOOK AT) -- SO AT FIRST WE WILL SEE WHAT THEY ARE FOR AND WHY THEY ARE IMPORTANT TO EVEN THE GREAT US OF A
Millionday: A credit rating is an evaluation of the credit worthiness of a debtor, especially a business (company) or a government, but not individual consumers.
The evaluation is made by a credit rating agency of the debtor's ability to pay back the debt and the likelihood of default.[3] Evaluations of individuals' credit worthiness are known as credit reporting and done by credit bureaus, or consumer credit reporting agencies, which issue credit scores.
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Millionday: LET ME SAY FIRST THAT WE ARE SPENDING OUR TIME IN NEWS TRYING TO LOOK FOR AS MANY PUZZLE PIECES AS WE CAN FIND AND ALSO TRYING TO UNDERSTAND HOW THEY FIT TOGETHER
Millionday: NOTE -- THERE HAS BEEN TALK OF CREDIT RATINGS FOR IRAQ (WHICH WE WILL LOOK AT) -- SO AT FIRST WE WILL SEE WHAT THEY ARE FOR AND WHY THEY ARE IMPORTANT TO EVEN THE GREAT US OF A
Millionday: A credit rating is an evaluation of the credit worthiness of a debtor, especially a business (company) or a government, but not individual consumers.
The evaluation is made by a credit rating agency of the debtor's ability to pay back the debt and the likelihood of default.[3] Evaluations of individuals' credit worthiness are known as credit reporting and done by credit bureaus, or consumer credit reporting agencies, which issue credit scores.
~~~
Millionday: NOTE -- THE COUNTRY`S CREDIT RATING IS CALCULATED TO EVALUATE THE LIKELYHOOD THAT THEY CAN REPAY THIER DEBT
Millionday: Credit ratings are determined by credit ratings agencies.
The credit rating represents the credit rating agency's evaluation of qualitative and quantitative information for a company or government; including non-public information obtained by the credit rating agencies' analysts.
The credit rating is used by individuals and entities that purchase the bonds issued by companies and governments to determine the likelihood that the government will pay its bond obligations.
Millionday: NOTE -- THE THING THAT THIS BRINGS TO MIND IS THE IMF DIRECTIVE LIST –
THE REASON BEING IS THAT IT WAS THE ORDERS (DIRECTIVES) TO CALCULATE THE INTERNATIONAL CURRENCIES, SDR, GLOD, AND BOND RATES -
Millionday: NOTE -- SO AS WE SEE HERE -- THE CREDIT RATING FOR IRAQ IS VERY IMPORTANT BECAUSE IT GIVES THE LIKELYHOOD OF THE BONDS BEING GOOD WHEN IT IS TIME TO COLLECT IN LAYMANS TERMS
Millionday: A sovereign credit rating is the credit rating of a sovereign entity, i.e., a national government. The sovereign credit rating indicates the risk level of the investing environment of a country and is used by investors looking to invest abroad. It takes political risk into account.
Country risk rankings (January 2013)[4][5]
Least risky countries, Score out of 100
Source: Euromoney country risk The "Country risk rankings" table shows the ten least-risky countries for investment as of January 2013. Ratings are further broken down into components including political risk, economic risk.
Millionday: NOTE -- IT TOOK ME A MINUTE THERE TO GET THE GRAPH OUT SORRY -- BUT THIS IS SHOWING US HOW NEEDED THE CREDIT RATING IS IN MANY WAYS
Millionday: Euromoney's bi-annual country risk index[6] monitors the political and economic stability of 185 sovereign countries. Results focus foremost on economics, specifically sovereign default risk and/or payment default risk for exporters (a.k.a. "trade credit" risk).
A. M. Best defines "country risk"[7] as the risk that country-specific factors could adversely affect an insurer's ability to meet its financial obligations.
Millionday: SO I COULD GO ON AND ON ABOUT THE CREDIT RATING BUT LETS MOVE ON TO LOOK AT IRA AND WHAT IS GOING ON WITH THIER CREDIT RATING --
Millionday: I KNOW IT WAS VERY IMPORTANT HERE WHEN WE WERE AT RISK OF LOSING ONE OF OURS TO A LOWER RATING
Millionday: Iraq plans to obtain a sovereign credit rating and is approaching rating agencies as it prepares for a jumbo $5 billion (£3.2 billion) bond issue needed to cover a budget deficit caused by low oil prices, its finance minister said on Thursday.
"We started the process," Hoshiyar Zebari told Reuters by telephone. "The banks are also trying to help us in that direction.”
Millionday: NOTE -- IRAQ HAS STARTED THE PROCESS TO FINISH OBTAINING THE CREDIT RATINGS BY ALL THREE AGENCIES WITH THE HELP OF THE BANKS
Millionday: Iraq has said it will issue $5 billion of debt in its first international bond sale for nine years. Its need for cash is acute; the government has projected a budget deficit of about $25 billion this year, in a budget of roughly $100 billion.
Obtaining a credit rating from a major agency, which Iraq currently lacks, could help to persuade global fund managers and banks to subscribe to the issue.
Millionday: NOTE - --AS WE HAVE JUST READ -- THIS IS VERY IMPORTANT TO THE STEPS BEING TAKEN RIGHT NOW WITH THE ISSUANCE OF BONDS AND THE REVENUES THEY WILL BRING OBVIOUSLY DUE TO THE INTEREST RATE
AND ALSO THE AMOUNT OF INVESTORS THEY ATTRACT BECAUSE THE CREDIT RATING IS A DECIDING FACTOR FOR INVESTORS WHEN ANALYZING WHERE TO INVEST THEIR MONEY AND THEIR SHAREHOLDERS AS WELL --
Millionday: Zebari said Iraq was trying to approach two or three rating agencies, which he did not name. It has been discussing its bond issue plan with Citibank and Deutsche Bank.
maine: how long does it take for this credit rating?
Millionday: IT VARIES BY WHAT I HAVE SEEN WITH OTHER COUNTRIES -- IT ALL DEPENDS ON HOW MUCH COMPLETE INFORMATION THEY HAVE OR DO NOT HAVE AT THIS POINT
Millionday: Credit ratings are determined by credit ratings agencies.
The credit rating represents the credit rating agency's evaluation of qualitative and quantitative information for a company or government; including non-public information obtained by the credit rating agencies' analysts.
The credit rating is used by individuals and entities that purchase the bonds issued by companies and governments to determine the likelihood that the government will pay its bond obligations.
Millionday: NOTE -- THE THING THAT THIS BRINGS TO MIND IS THE IMF DIRECTIVE LIST –
THE REASON BEING IS THAT IT WAS THE ORDERS (DIRECTIVES) TO CALCULATE THE INTERNATIONAL CURRENCIES, SDR, GLOD, AND BOND RATES -
Millionday: NOTE -- SO AS WE SEE HERE -- THE CREDIT RATING FOR IRAQ IS VERY IMPORTANT BECAUSE IT GIVES THE LIKELYHOOD OF THE BONDS BEING GOOD WHEN IT IS TIME TO COLLECT IN LAYMANS TERMS
Millionday: A sovereign credit rating is the credit rating of a sovereign entity, i.e., a national government. The sovereign credit rating indicates the risk level of the investing environment of a country and is used by investors looking to invest abroad. It takes political risk into account.
Country risk rankings (January 2013)[4][5]
Least risky countries, Score out of 100
Source: Euromoney country risk The "Country risk rankings" table shows the ten least-risky countries for investment as of January 2013. Ratings are further broken down into components including political risk, economic risk.
Millionday: NOTE -- IT TOOK ME A MINUTE THERE TO GET THE GRAPH OUT SORRY -- BUT THIS IS SHOWING US HOW NEEDED THE CREDIT RATING IS IN MANY WAYS
Millionday: Euromoney's bi-annual country risk index[6] monitors the political and economic stability of 185 sovereign countries. Results focus foremost on economics, specifically sovereign default risk and/or payment default risk for exporters (a.k.a. "trade credit" risk).
A. M. Best defines "country risk"[7] as the risk that country-specific factors could adversely affect an insurer's ability to meet its financial obligations.
Millionday: SO I COULD GO ON AND ON ABOUT THE CREDIT RATING BUT LETS MOVE ON TO LOOK AT IRA AND WHAT IS GOING ON WITH THIER CREDIT RATING --
Millionday: I KNOW IT WAS VERY IMPORTANT HERE WHEN WE WERE AT RISK OF LOSING ONE OF OURS TO A LOWER RATING
Millionday: Iraq plans to obtain a sovereign credit rating and is approaching rating agencies as it prepares for a jumbo $5 billion (£3.2 billion) bond issue needed to cover a budget deficit caused by low oil prices, its finance minister said on Thursday.
"We started the process," Hoshiyar Zebari told Reuters by telephone. "The banks are also trying to help us in that direction.”
Millionday: NOTE -- IRAQ HAS STARTED THE PROCESS TO FINISH OBTAINING THE CREDIT RATINGS BY ALL THREE AGENCIES WITH THE HELP OF THE BANKS
Millionday: Iraq has said it will issue $5 billion of debt in its first international bond sale for nine years. Its need for cash is acute; the government has projected a budget deficit of about $25 billion this year, in a budget of roughly $100 billion.
Obtaining a credit rating from a major agency, which Iraq currently lacks, could help to persuade global fund managers and banks to subscribe to the issue.
Millionday: NOTE - --AS WE HAVE JUST READ -- THIS IS VERY IMPORTANT TO THE STEPS BEING TAKEN RIGHT NOW WITH THE ISSUANCE OF BONDS AND THE REVENUES THEY WILL BRING OBVIOUSLY DUE TO THE INTEREST RATE
AND ALSO THE AMOUNT OF INVESTORS THEY ATTRACT BECAUSE THE CREDIT RATING IS A DECIDING FACTOR FOR INVESTORS WHEN ANALYZING WHERE TO INVEST THEIR MONEY AND THEIR SHAREHOLDERS AS WELL --
Millionday: Zebari said Iraq was trying to approach two or three rating agencies, which he did not name. It has been discussing its bond issue plan with Citibank and Deutsche Bank.
maine: how long does it take for this credit rating?
Millionday: IT VARIES BY WHAT I HAVE SEEN WITH OTHER COUNTRIES -- IT ALL DEPENDS ON HOW MUCH COMPLETE INFORMATION THEY HAVE OR DO NOT HAVE AT THIS POINT
Millionday: HERE IS MORE INFORMATION ON THE PRESS STATEMENT AND ALSO THE MEETING THEY WERE DISCUSSING
Millionday: The process of obtaining a credit rating could be a delicate one for Iraq, requiring it to open its books to the agencies and disclose new information on its finances. Zebari did not say when he expected the process to be completed.
Iraq's huge oil reserves in its southern fields, which have not been touched by the Islamic State insurgency, are expected to draw buyers to its bonds.
But many fund managers think it would struggle to sell $5 billion in a short space of time, even with generous pricing.
Millionday: NOTE --THE ISSUE SEEMS TO NOT BE IF THEY WILL BE ABLE TO DRAW BUYERS TO THEIR BONDS BUT IT IS A WORRY TO DO WITH THE TIMELINE –
THEY SEEM TO BE IN A HUGE HURRY TO SELL BONDS WITHIN A CERTAIN TIMELINE --
Millionday: Asked if $5 billion was too ambitious, Zebari said: "We have in the budget a commitment to issue $6 billion. So this is the low - this is how we plan to cover our deficit. But there’s no way we can do it in one tranche.”
Iraq has an outstanding U.S. dollar bond maturing in 2028 462652AA6=; panic selling late last year as oil prices plunged pushed its yield to a record high of 10.49 percent from around 7.2 percent in September, but it has since dropped back to 8.04 percent.
Millionday: Iraqi five-year credit default swaps IQGV5YUSAC=MP, used to insure against any sovereign default, are at 539 basis points, near their highest levels since late 2009.
In addition to the international bond issue, Iraq has introduced or is planning other fiscal measures including a local currency bond issue to banks, taxes on some consumer goods and public wage cuts.
It has also been considering whether to ask for aid from the International Monetary Fund.
Millionday: SO AS REPORTED HERE -- MORE VERIFICATION THAT THE FINANCIAL POSITION IS VERY IMPORTANT RIGHT NOW TO IRAQ AND INVESTORS ---
ALSO IT IS NOT TOO HARD TO IMAGINE THAT THE REFORMS AND ALSO THE INTERNATIONAL EQUATION ARE ALL RELIANT ON THE CREDIT RATINGS BEING LISTED AND LISTED HIGH AS WE CAN IMAGINE
puffdragon: IYO is a credit rating ecential to an RV?
Millionday: I DO NOT THINK THAT THE CREDIT RATING IS ESSENTIAL TO THE INTERNATIONAL EQUATION BEING DONE BUT -----I WOULD LOVE TO KNOW WHAT STEP AND WHEN IS THE RATES OF INTERNATIONAL CURRENCY
Millionday: ESSENTIAL --- WHEN CBI ANNOUNCED WITH THE BANKS THAT THEY WERE READY TO RAISE THE VALUE OF THE DINAR AND ALSO RELEASE THE INTERNATIONAL CURRENCY VALUES –
THEY SAID THAT IT WOULD BE DONE IN STEPS AND THE FIRST ONE WAS THE WORKSHOPS ACCORDING TO THAT REPORT –
SO IT MAKES ME WONDER WHICH STEPTHE NUMBERS WOULD BE APPLIED IF THAT IS STILL HOW IT IS GOING TO BE DONE
Comments may be made at the end of Part 2 Thank You
Millionday: The process of obtaining a credit rating could be a delicate one for Iraq, requiring it to open its books to the agencies and disclose new information on its finances. Zebari did not say when he expected the process to be completed.
Iraq's huge oil reserves in its southern fields, which have not been touched by the Islamic State insurgency, are expected to draw buyers to its bonds.
But many fund managers think it would struggle to sell $5 billion in a short space of time, even with generous pricing.
Millionday: NOTE --THE ISSUE SEEMS TO NOT BE IF THEY WILL BE ABLE TO DRAW BUYERS TO THEIR BONDS BUT IT IS A WORRY TO DO WITH THE TIMELINE –
THEY SEEM TO BE IN A HUGE HURRY TO SELL BONDS WITHIN A CERTAIN TIMELINE --
Millionday: Asked if $5 billion was too ambitious, Zebari said: "We have in the budget a commitment to issue $6 billion. So this is the low - this is how we plan to cover our deficit. But there’s no way we can do it in one tranche.”
Iraq has an outstanding U.S. dollar bond maturing in 2028 462652AA6=; panic selling late last year as oil prices plunged pushed its yield to a record high of 10.49 percent from around 7.2 percent in September, but it has since dropped back to 8.04 percent.
Millionday: Iraqi five-year credit default swaps IQGV5YUSAC=MP, used to insure against any sovereign default, are at 539 basis points, near their highest levels since late 2009.
In addition to the international bond issue, Iraq has introduced or is planning other fiscal measures including a local currency bond issue to banks, taxes on some consumer goods and public wage cuts.
It has also been considering whether to ask for aid from the International Monetary Fund.
Millionday: SO AS REPORTED HERE -- MORE VERIFICATION THAT THE FINANCIAL POSITION IS VERY IMPORTANT RIGHT NOW TO IRAQ AND INVESTORS ---
ALSO IT IS NOT TOO HARD TO IMAGINE THAT THE REFORMS AND ALSO THE INTERNATIONAL EQUATION ARE ALL RELIANT ON THE CREDIT RATINGS BEING LISTED AND LISTED HIGH AS WE CAN IMAGINE
puffdragon: IYO is a credit rating ecential to an RV?
Millionday: I DO NOT THINK THAT THE CREDIT RATING IS ESSENTIAL TO THE INTERNATIONAL EQUATION BEING DONE BUT -----I WOULD LOVE TO KNOW WHAT STEP AND WHEN IS THE RATES OF INTERNATIONAL CURRENCY
Millionday: ESSENTIAL --- WHEN CBI ANNOUNCED WITH THE BANKS THAT THEY WERE READY TO RAISE THE VALUE OF THE DINAR AND ALSO RELEASE THE INTERNATIONAL CURRENCY VALUES –
THEY SAID THAT IT WOULD BE DONE IN STEPS AND THE FIRST ONE WAS THE WORKSHOPS ACCORDING TO THAT REPORT –
SO IT MAKES ME WONDER WHICH STEPTHE NUMBERS WOULD BE APPLIED IF THAT IS STILL HOW IT IS GOING TO BE DONE
Comments may be made at the end of Part 2 Thank You
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